Not every trade-in offer results in a deal.
Among consumers who ultimately accepted a trade-in offer, 27% say they also received at least one offer that they turned down. The most common reason was straightforward: 66% say the offer was lower than they expected. Another 37% say a competing dealership offered more money.
Table 1: Please consider the trade-in offer you did not accept/turned down. If you turned down multiple trade-in offers, please think of the example you remember best. Why did you turn this offer down?
At first glance, this suggests rejected trade-ins are primarily a pricing issue.
However, the reasons consumers reject offers point to something broader. Beyond the offer itself, some consumers say they didn't trust the dealership or salesperson (15%), felt the offer wasn't justified (18%), or wanted more validation behind the valuation from a neutral third party (15%).
For dealers, that means the conversation isn't just about arriving at a number. It's also about helping customers understand how that number was determined.
When consumers explain why they accepted a trade-in offer, several themes emerge.
Nearly half (45%) say the dealership trade-in process was fast and simple, while 43% say the offer matched what they expected, and 32% say the offer was easy to understand.
Trust also plays a role. More than one quarter (26%) say they trusted the information provided by the salesperson, while 20% say the offer felt well thought out and justified.
Table 2: Please consider the trade-in offer you accepted when selling your previous vehicle. Why did you accept this offer?
Interestingly, the data suggests customers aren't necessarily focused on the highest possible offer.
While 36% accepted an offer because it was higher than another dealership's offer, consumers were also influenced by factors such as simplicity, clarity, trust, and expectation alignment.
In other words, customers don't simply want a number. They want confidence and understanding that the number makes sense.
These findings suggest that trade-in offers are evaluated on more than value alone. When customers understand and trust the process behind the offer, they're more likely to feel comfortable with the outcome.
When it comes to trade-ins, consumers are remarkably consistent about what they want from dealerships.
Nearly half (47%) say dealerships should clearly explain what a trade-in offer is based on, whether that's auction values, comparable sales, or current market conditions.
Additional opportunities for improvement include:
Table 3: If a dealership wanted to generally improve their trade-in process, which of the following ideas would you recommend to them? Even if you didn’t trade-in a vehicle, we’re curious about your thoughts.
These findings suggest consumers aren't simply looking for higher trade-in offers.
They're looking for transparency.
Customers want to understand how a value was determined and what factors influenced it. They want confidence that the offer reflects the realities of the vehicle and the market.
That creates an opportunity for dealers. When trade-in offers are supported by relevant market data, vehicle history information, and clear explanations, customers have an easier time understanding the valuation and feeling comfortable with the outcome.
Consumers are also showing growing interest in digital trade-in experiences.
Nearly half of buyers (48%) say they would like to determine the value of their trade-in completely online during their next vehicle purchase.
When asked how dealerships could improve the trade-in process, 37% recommend providing accurate trade-in estimates online.
This suggests that many consumers want access to valuation information before visiting a dealership. While a final appraisal may still happen in person, customers increasingly want to begin the process on their own terms.
Trade-in valuations can also play a role earlier in the shopping journey. When comparing two otherwise similar used vehicle listings, 23% of consumers say a dealership that offers trade-in values on its website would have an advantage.
The opportunity for dealers is to use digital tools as a starting point for a trade-in conversation. By providing valuation information earlier in the process, dealerships can help customers arrive better informed and more prepared for the appraisal discussion.
Consumers care about receiving a competitive trade-in offer. But price is only part of the equation.
The strongest trade-in experiences are those that feel transparent, simple, and fair. Customers want to understand how an offer was determined, what factors influenced the value, and why it aligns with the market.
For dealers, the opportunity is clear. Explaining the "why" behind the number can help bridge expectation gaps and build confidence in the appraisal process.
When customers understand how their vehicle's value was determined, the conversation changes. It becomes less about questioning the offer and more about understanding it.
That's where transparency makes a difference. Clear explanations and realistic expectations help turn trade-in discussions into productive conversations that move the deal forward.