What does car trade-in mean?

[VanLena]

Car trade-in refers to a service where consumers use the appraised value of their used car plus additional payment to purchase a new vehicle from brand dealers. Car trade-in often comes with a trade-in subsidy, which is a promotional policy introduced by automobile manufacturers to increase market penetration of new vehicles. Considerations for car trade-in: 1. The used car trade-in subsidy only applies to vehicles older than 6 years; models that don't meet this condition are not eligible for this policy subsidy. 2. The sold used vehicle should be within the valid annual inspection period with all traffic violations cleared, and must have no overdue taxes or fees before the transaction date, with valid compulsory third-party insurance. 3. The vehicle's appearance should basically match the photo on the driving license, and any modifications or related damages should be restored to normal condition according to vehicle management requirements.