Vehicle Trade-In FAQs

Should I trade in my car?

If you’re buying a new (or used) vehicle, trading in your current one not only helps you come up with a better downpayment but also helps you save on taxes and fees associated with the purchase. While some dealers will try to lowball you, when you sell your vehicle to Mike’s Car Store, we’ll handle everything on your behalf and work hard to get you the best, fair-market value for your vehicle

Can you trade in a financed car?

Yes, you can trade in a financed car. The dealership will pay off your existing loan, and any remaining equity can be applied to your new car purchase. You may need to cover the difference if you owe more than the car's value.

How do car trade-ins work?

Car trade-ins involve bringing your current vehicle to a dealership, where it will be appraised to determine its trade-in value. This value is then applied towards purchasing a new vehicle, reducing the amount you need to finance. If you owe money on your current car, the dealership will pay off the loan and incorporate any remaining balance into your new loan

How do you trade in a car that is not paid off?

To trade in a car that is not paid off, first determine your loan balance and get an appraisal for your car's trade-in value. If the trade-in value is less than the loan balance, you'll need to pay the difference or roll it into your new car loan. The dealership will pay off your existing loan and apply any equity toward your new purchase.

What is the trade-in value of my car?

The trade-in value of your car depends on several factors, including its make, model, year, mileage, condition, and current market demand. For an accurate estimate, you can use our online appraisal Edmunds tool or visit our dealership in Louisville, KY, for an in-person evaluation.

Can you trade in a leased car?

Yes, you can trade in a leased car. The dealership will pay off the remaining lease balance, and if the car's trade-in value is higher than the payoff amount, the equity can be applied toward your new vehicle. You might need to cover the difference if you owe more than the car's value.

Can you trade in a leased car with another dealership?

Yes, you can trade a leased car with another dealership. The new dealership will pay the remaining lease balance with the leasing company. If the car's trade-in value exceeds the payoff amount, any equity can be applied toward your new vehicle; otherwise, you may need to cover any shortfall.

What paperwork do I need to trade in my car?

To trade in your car, you typically need the vehicle title, driver’s license, registration, and any loan payoff information if the car is financed. Additionally, bring the car’s keys, owner's manual, and any maintenance records. These documents help verify ownership and facilitate a smooth trade-in process.

Can you trade in a car without a title?

Trading in a car without a title can be challenging, but it is still possible. Before completing the trade-in, you'll need to obtain a duplicate title from your state's Department of Motor Vehicles (DMV). Some dealerships may assist with this process, but having the title in hand will streamline the transaction.

Can I trade in a car I just bought?

Yes, you can trade in a car shortly after buying it, but it might not be the best financial idea due to immediate depreciation. Depending on its current market value, dealerships may offer less than what you paid or what you owe on it. It's wise to weigh your options carefully before making a decision.

Can you trade in a financed car for a lease?

Yes, trading in a financed car for a lease is possible. The dealership or leasing company will assess the current value of your financed car and negotiate terms based on the remaining loan balance and the car's market value. In this case, you’ll want to be prepared for potential costs or adjustments depending on how the trade-in value compares to your outstanding loan amount.

How do I trade in a car with negative equity?

Trading in a car with negative equity means you owe more on the loan than the car is worth. To handle this, you typically have a few options: roll the negative equity into the new loan or lease, pay off the negative equity out of pocket, or wait until you have equity in the car before trading it in.

Can I trade my car in for a cheaper car?

Yes, you can trade your car in for a cheaper one. Our dealership will assess the trade-in value of your current car and apply that amount toward the purchase price of the cheaper car. At Mike’s Car Store, you can choose from a wide range of affordable pre-owned vehicles to suit your budget and lifestyle!