What does trade-in mean when buying a car?

[StGianna]

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 dealerships. Trade-in purchases often come with trade-in subsidies, which are promotional policies introduced by automobile manufacturers to increase market share of new vehicles. Precautions for car trade-ins are as follows:1、Applicable only to vehicles over 6 years old: The used car trade-in subsidy only applies to vehicles older than 6 years, and models that don't meet this condition are not eligible for this policy subsidy;2、Valid annual inspection required: The sold used vehicle should have a valid annual inspection with no outstanding traffic violations, and must have no overdue taxes or fees before the transaction date, with valid compulsory third-party insurance.