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  3. How do I trade-in an asset?
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  3. How do I trade-in an asset?

How do I trade-in an asset?

There are situations when older assets are traded in for the purchase of new assets or for a credit of some type. There are also situations when an asset under warranty needs to be swapped for the same or similar asset type. Under State policies, this is allowed with prior approval

For NC State, this approval is granted by Procurement & Business Services. Procurement Services will make the request on behalf of the department. 

To request a trade-in, follow the instructions outlined in the Trade-In of University Assets form

If a trade-in of assets is requested, departments must provide the following information:

  1. Description of the item(s) being traded-in.
  2. Project ID that the equipment was purchased against.
  3. The current condition of the equipment.
  4. Original purchase price.
  5. Date of original purchase.
  6. Name of supplier offering the trade-in allowance.
  7. Price of replacement item before allowance.
  8. Amount of the trade-in allowance.
  9. Final purchase price.
  10. A brief justification for trading property in versus selling to the public.

Once a trade-in request is approved, Procurement Services will notify the requesting department and complete the purchasing process by issuing a purchase order. Departments are then responsible for submitting an Asset Disposal Request in the Asset Management Module.

Read more:

Asset Management and Surplus Manual, Disposing of an Asset

Updated on February 28, 2020

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