If you have a car that you are no longer going to need when you purchase your new car, you may wish to trade the car in at the dealership. The dealer will assess a value to your car and will deduct that value from the price of the car you are purchasing. You can usually get more for your car by selling it outright to a private party than you can by trading the car in at the dealership.

The net value of your auto credited toward the purchase or lease of another auto. If you own the auto being traded-in, you sell it to the dealer or lessor. If you are leasing the auto being traded-in, you are turning in the auto (either at the scheduled end of the lease or upon early termination) to the dealer or lessor who has agreed to pay any remaining balance on your agreement. The amount credited may be positive or negative, depending on the agreed-upon value of the trade-in vehicle and any remaining balance on your agreement.

The net value of your vehicle credited toward the purchase or lease of another vehicle. If you own the vehicle being traded-in, you sell it to the dealer or lessor. If you are leasing the vehicle being traded in, you are turning in the vehicle (either at the scheduled end of the lease or upon early termination) to the dealer or lessor. The amount credited may be positive or negative depending on the value of the vehicle and any remaining balance on your credit, loan, or lease agreement.

an item of property, such as an automobile, that is given in part payment for a new one.

The administrative transaction used to exchange one or more license(s) for another license or licenses. The original license(s) is/are terminated and credit may be given toward the new license(s).

Amount received for old property when exchanged for new property.