Are you thinking about buying a new vehicle? If you already have a car, then you might want to consider trading it in; a part-exchange can ensure that your new vehicle purchase is more budget-friendly, whilst simplifying the process of getting rid of an older vehicle that you don’t need.
What Is Part-Exchange?
Many car dealers provide you with the option of exploring a part-exchange when you buy a new car. With this as a possibility, you trade in your existing vehicle and use it as value against the new car that you want to purchase, thus lowering the purchase price. It’s an ideal transaction for those who want to buy a new car but don’t want to spend thousands on it.
How Does It Work?
Part-exchange will usually be mentioned as an option when you first meet with a car dealer and they will explain how it works. They will ask whether you have an older car that you are interested in selling. If you do have a vehicle you want to sell to take money off a new car purchase, the dealer will complete a thorough inspection of your vehicle. They’ll then tell you exactly how much your part-exchange is worth. For example, if your car was valued at £5,000 and you wanted to buy a used vehicle for £13,000, that £5,000 for your old car will go towards the purchase of the used car - so you’ll only have to pay £8,000 out of your pocket or through finance.