What is a car trade-in?
2 Answers
Trade-in subsidy is commonly known as trading in the old for the new. A car trade-in generally refers to trading in an old vehicle to purchase a new one, where consumers use the assessed value of their used car plus additional payment to buy a new car. Most car owners opt for the trade-in services offered by 4S dealerships, exchanging their old car at a discounted price for a new one. Another portion of car owners choose to sell their old cars in the used car market and then use the proceeds to purchase a new car. Whether selling the old car directly or trading it in at a 4S dealership for a new car, transfer procedures must be completed, requiring the following materials: 1. The owner's valid ID (for company vehicles, a legal entity code certificate should also be provided). If authorizing someone else to handle the trade-in, the original owner's ID and a legally valid power of attorney are required. 2. Vehicle registration certificate, vehicle license, vehicle insurance policy, original purchase invoice or previous transfer invoice, and proof of additional tax payment.
I recently experienced a car trade-in, and the whole process was quite interesting. Trade-in means driving your old car to a 4S dealership or dealer, where professionals evaluate how much your old car is worth and then use that price to offset the cost of the new car you want to buy. I drove in a 10-year-old compact car, and the dealership carefully inspected the engine, body, and mileage before offering a reasonable price. I then chose a new SUV with an original price of over 200,000 yuan, but after the trade-in, I only paid 180,000 yuan, saving a significant amount. The convenience is that you don’t have to find a buyer for your old car yourself, but be aware that the appraisal price can sometimes be on the low side—it’s a good idea to check online beforehand for the second-hand market value of similar cars. Also, if your old car has been well-maintained, you can get a higher price, which is a great incentive to take good care of your car. The entire transaction was smooth and completed in just a few days, even allowing me to take advantage of a new car promotion.
