price reduction given when a used product is part of the payment on a new product is referred to as a __________.

Question

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A trade-in allowance is a pricing strategy where a customer is offered a reduced price on a new product in exchange for a used product as part of the payment. This is commonly used in the automotive industry, where customers can trade in their old cars for a discount on a new one.

Price Reduction Given When a Used Product Is Part of the Payment