With the TCJA, like kind exchanges are no longer applicable to personal property (real estate only can be like kind exchanged with gain deferred).
When you trade in a vehicle after December 31, 2017, you have to recognize the difference between the trade-in value and the basis. This has been detrimental to many taxpayers that relied on annual trade-ins (bad idea anyway) because they now have to recapture all of that depreciation every time the trade-in.
