Your used Toyota may still be running great, but with advances in technology and a wide variety of cars for sale, it may be time to trade in for a different model. While many factors go into the trade-in process, by keeping a few things in mind, buyers can get a great price for their used car and be driving off the lot in a new vehicle in no time.

Edmunds.com recently talked to a dealer, salesman and their own data analyst to get their thoughts on the trade-in process. While each have different opinions on what to look for, their advice could be valuable in working out a great deal at the local used auto lot.

There are a few misconceptions that many drivers have about their vehicle. One that all three agree on is that drivers often overvalue their vehicle by looking at prices online. Often, people are tempted to see the highest quoted price and refuse to budge from that.

Kenneth Mills, a car salesman who has sold used Hondas for eight years, says that every used car is different and that factors into a dealer’s quote. The Edmunds analysts concurs, adding that a number of factors go into trade-in prices that are actually on the dealer’s end – such as the number of similar cars already on the lot, the time of the month and whether the salesman is one or two sales shy of making a bonus.

Bill Weismann, a used car dealer in Orlando, says he normally doesn’t check the Blue Book value, instead opting to search auto auction prices to get a true idea of what a consumer will pay for a vehicle. He also uses a service normally reserved for buyers – Carfax – to check the history of a vehicle. Weismann also cautions that the appearance of a car affects trade-in value tremendously – paint damage on the exterior or the interior of a heavy smoker’s car will fetch a lot less than a car in pristine condition. A custom paint job can also ruin a vehicle’s trade in value.

The three generally agree that a trade-in can heavily benefit a car buyer. Mills points out that in most states, consumers save on sales tax by trading in. If a customer was going to buy a $20,000 car, he’d normally pay a percentage offthat figure for taxes. But by engineering a trade of $12,000, he will only have to pay a tax off the remaining $8,000 – a move that could save hundreds of dollars.