Meaning of the word "trade in" in English

What does "trade in" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

trade in

US /treɪd ɪn/
UK /treɪd ɪn/

Phrasal Verb

to give something old as part payment for something new

Example:
I'm going to trade in my old car for a new model.
You can often trade in your old phone when upgrading to a new one.