When buying a new car, you may be thinking about trading in your existing car and using the equity towards your purchase. In this article, we have explained what part exchanging means, outlined the important information you need to know, and whether it’s the correct choice when selling your car.
Part exchanging is the process of ‘trading in’ your old car when buying a car by offsetting the value of your current vehicle against the one you’re purchasing. Traditionally, you may have taken a car to a dealership where they would offer you an amount for your car that would be deducted from the price of the vehicle you’re buying, or used as a deposit if you’re opting for a finance agreement.
Some dealers now offer the ability to estimate the trade-in value of your car online by entering your vehicle’s details and using data to provide a price. Similarly, you can get a free car valuation with webuyanycar.com by entering your registration plate at the top of the page.
Part exchanging may seem more convenient than selling a car privately, where you will need to spend time advertising the car, preparing it for resale and meeting potential buyers. When you part exchange, you can theoretically drive into a dealership in your current car and leave in a new car.
When compared to other methods of selling, you may get less money when part exchanging your car at a dealership due to their overheads and requirement to make a profit. Also, if you have a car that isn’t desirable to the dealer, there may be less incentive for them to give you a good trade-in price.
Also, if you are part exchanging you may find it harder to negotiate the best price for your car. If you have found a car that you want to buy from a specific dealership and you have made the decision to part exchange, you may want to consider researching the market first, such as getting an online valuation in under 60 seconds through ourselves.
Finally, part exchanging could make the purchase of a new car more complex due to having two transactions involved. Whilst it may seem convenient to buy and sell in one place, getting a good deal for your current car and the one you’re purchasing could become confusing compared to dealing with each separately.
If you decide that you are happy with the valuation provided by the dealership and want to go ahead with the part exchange, you will need to provide the following:
Logbook (also known as the V5C)
Service book (where applicable)
By keeping the sale of your old car and purchase of your new car as two separate transactions, you can ensure that you’re happy with the sale price and the price you’re purchasing the new car for. Treating the trade-in and purchase as a single transaction may cause confusion and may result in not getting the best deal for your current car.
Before you mention that you are interested in part exchanging, you should get a price, including maximum discount, from the dealership for the car you’re interested in purchasing. This will ensure you get the best price before offering your old car.
You should find out how much your car is worth before you turn up to the dealership. This will ensure that you are getting a fair price from the sale.
A car’s condition affects the value. For example, scratches or dents will negatively impact the resale price. Before part exchanging, you may want to consider getting the car professionally repaired.
If you are not happy with the valuation from the dealer, you can walk away from the deal at any time. You might be able to get more for your car elsewhere, such as by selling your car at your local webuyanycar.com branch.
Selling your car with webuyanycar.com is quick, convenient and simple. We will give you a valuation in under 60 seconds based on the information you’ve provided, combined with our data on market value, seasonality and demand. If you’re happy with your valuation, simply book an appointment at one of our 450+ UK branches.
When you sell to webuyanycar.com, you can get the cash in your bank within 30 minutes using our Premier Payment option (fees apply). You can then use the cash for a deposit towards your new car.
With over 450+ branches across the UK, you can sell your car in under an hour, from the point of getting your online valuation, through to agreeing to the sale of your car. Simply book an appointment at your local branch at a time which is convenient for you.