Can I exchange my new car for another in the United States?
“ Can I exchange my new car for another? ”, It is something that you are surely wondering now, after brand new that flaming car that you wanted so much, but that in the end you have not finished liking.
Well, in a nutshell: it is possible to make such a change, but there are several things you should consider beforehand , such as whether the dealer accepts returns.
If not, then you enter the territory of “trade-in”, as it is called in English, and it is exactly what we are going to explain to you in this article, as well as the advantages of exchanging your new car for another, and more.
Can I exchange my new car for another?
Exchanging your new car for another involves a series of steps, such as knowing the value of your car , analyzing your finances, looking for offers from different dealers, doing a thorough cleaning of the;
vehicle so that it makes a good impression, making an appointment to have the vehicle be appraised, and finally, if all has gone well, close the deal.
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1. Find out how much your car is worth
Trading in one new car for another involves one thing: bargaining for the best price . Or at least the fairest.
However, dealers are more experienced than us (they do live off cars, after all), so the first thing you should do is do your research and get an idea of your car’s current value .
There are many online appraisal tools, such as Kelley Blue Book , that will be of great help in determining the value of your car.
Instead of relying on basic data like make, model, year, and mileage, use a tool that gives you a deeper idea of the dollars your vehicle can fetch based on extra features.
Or you can go to our article How to know how much my car is worth in the blue book .
For example, let’s evaluate a 2016 Toyota Camry V6 XSE. Black is a highly sought-after color, adding $150 to the value of the vehicle, but smudges on the window panes decrease the value by $300.
However, not everything is the car, even if it seems like a contradiction .
In this sense, Kelley Blue Book points out that the value can also be affected by external factors . If gas prices are high, a car with efficient fuel management can command a higher price than a typical truck.
2. Analyze your finances
Trading in your new car for another involves more than determining the value of the vehicle: You’ll also need to assess the state of your finances to know what you can afford at the end of the trade-in.
And if it’s a financed car (do you know how car financing works?) that you haven’t finished paying off yet, determine if the exchange value will be enough to do so.
Even if the dealer offers to pay off the loan, you will end up adding that amount to a new loan for your next vehicle, for which we recommend using a car loan calculator.
3. Look for different offers
You don’t have to go to the first dealership you find and start the process of trading in your new car for another. Instead, you can have dealers approach you with a price .
In that way? Well, the appraisal tools we mentioned above (Kelley Blue Book and TrueCar) are linked to dealers who will make offers based on the information you share.
It is also recommended that you contact the company where you bought the car and ask them if you can return a car financed by another , and how much they would offer for the transaction.
4. Clean the car
For a job interview, how would you dress? Casual? Or clean and well groomed? Well, the same with the car:
Imagine that the appointment to change your new car for another is the interview and that the representative of the dealer is the hiring manager.
Even if you’ve put together an impressive resume, you need to close the deal with an equally impressive performance.
5. Make an appointment at the dealer
Dealerships can be very busy places, so we recommend making an appointment to save time. The dealer will evaluate your car to verify that all the information you have submitted online is correct .
“Ask if you can be present with the appraiser so you can ask them questions about how they’re determining the value of your vehicle ,”
says Joe McCloskey, president of McCloskey Motors in Colorado Springs, Colorado. “Most dealers will share this information with you, and it will help you better understand how the vehicle is being valued.”
Be sure to bring your vehicle registration, title, and all sets of keys. If you don’t have a title because you’re trading in a car that still has a loan, have the lender’s information ready to hand over.
6. If everything went well, close the deal
Once you’ve agreed on the price to trade in your car and buy a new car, it’s time to close the deal.
If you are purchasing another vehicle from a car dealer and are going to get a credit for the value of the transaction;
make sure that it is clearly stated in the contract and that the correct amount has been deducted from the price of the new vehicle.
If you’ve sold the car to the dealer but aren’t buying a new one right away, you’ll likely get a check for your trade-in value, which you can use as a down payment on the car there or elsewhere.
Common mistakes when changing a car at a dealership
When trying to trade in a car at a dealership, people tend to make certain mistakes. Next, we explain what they are and how to avoid them.
Repairs: People sometimes try to fix dents on their cars or put on a new set of tires, thinking it will significantly increase the trade-in value. But bad news: In most cases, it doesn’t work .
The dealer will usually fix the blemishes and put on new tires for much less than you.
Overestimate the value. People tend to get emotionally attached to their cars and often think that they are worth more than they really are.
They look for the highest value of your vehicle on an appraisal site and treat it as the only option. But valuations are average, meaning some dealers offer less and others more .
Instead of arguing about the value of the car, it is better that you dedicate yourself to negotiating the price of your new car.
Hide information: Some buyers pretend they have a high offer in the hope that the dealer will try to beat it. However, this tactic does not work.
An experienced appraiser might realize what’s going on and ask for the offer in writing, thus exposing the tactic .
However, if the offer is real, do not hesitate to show it, as you will be in a good position to negotiate.
Can I exchange my new car for a lower priced one?
If you’re not happy with your new car, or if you just want to lower your car payment , you can trade in your new car for a cheaper one .
However, trading in your new car could come with a series of fees and taxes that, if you’re not careful, could nullify your ability to maneuver financially.
On the other hand, some large dealers offer a return period , so if this is the case for you, make sure the return is still valid. The dealer will either pay off the car loan or refund your payment .
Thus, you can exchange your new car for a lower priced one.
What happens if I return a new car?
You may have heard that there is a federal standard (” cooling-off ” , as they call it in English) for some purchases.
Well, this rule is primarily intended to protect consumers from certain door-to-door sales tactics, but unfortunately it doesn’t explicitly apply to cars.
If you have signed the purchase agreement, the car is yours. And the law is on the seller’s side.
So what can you do?
This is where the “maybe” comes in. Basically, the dealer is the one who should undo the deal. While companies clearly care about customer satisfaction, undoing a car purchase is a costly headache.
Read also: Can a financed car be returned?
When can I change my car?
Basically, to change a car you have two options: Do what we have explained in this article, or sell it to an individual .
The difference? Well, with an individual, you are responsible for all the paperwork, the records, showing and advertising the car, etc;
while with the dealer you save all that work. The disadvantage? With an individual you have more possibilities to obtain a good price.
How to return my car to the agency?
Returning a car to the agency is a somewhat complicated issue and depends on the time to cancel the purchase of a car;
so it is up to the discretion of each company to evaluate the situation and see if they accept the return. However, it never hurts to contact them and discuss what can be done.
Perhaps they will reach a much more attractive and convenient deal for both of them .