This is coming from TOEFL listening.
Given that a student bought a wrong book for her class, and then she said,
the bookstore let me trade in my old version for the correct version without any trouble.
Does this verb "trade in" here mean same with "swap"?
Answer
the term "trade in' usually does not mean exactly the same as 'swap', although the concepts are similar.
A swap is a direct exchange. There is usually not any additional payment made by either party. e.g. I will swap you my watch for your bicycle. Generally 'swaps' are an informal method of trade between friends or non-business people.
A trade in is a method of buying in which you surrender an item you currently own as part payment on another item that you wish to buy. The term is most frequently used in the automotive sales industry where a buyer trades in an older model vehicle as part payment for a newer model. Generally 'trade ins' are a formal method of trading offered by a business to a consumer.
In the example that you mentioned, it is likely that the bookstore allowed the student to trade in the wrong book at its original purchase value. (assuming it was still in original condition.) This money would then be used to offset the cost of the right book. If the right book was more expensive then the student would have to pay the difference in price. Similarly, if the right book was less expensive then the student would have been given a refund.
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