Can you part exchange for a cheaper car?

If you want to swap cars and are on a mission to cut back on expenses, you might be wondering if you can part exchange your car for a cheaper model.

Part exchange is the process of trading in your car and using the value towards your next car purchase.

Dealers decide on your car’s value by inspecting it and looking at things like the condition, mileage and age.

It is possible to part exchange your car for a cheaper one, but you’ll need to discuss this with the dealer. It’s up to them to decide if they’re happy with the arrangement.

Can I part exchange my car for a cheaper one?

Although it's possible to part-exchange your car for a cheaper one, not all dealers or organisations that offer part exchange are willing to do so.

If your current car is worth more than the vehicle you want to trade in for, the dealer might be able to pay you the difference in cash.

They’re not always willing to do this though, so chat with the dealer first and see if it’s a possibility.

Sometimes, the cash difference amount can be a deciding factor. Dealers might be more willing to part exchange for a car that’s slightly cheaper than your current model, rather than one that’s cheaper by thousands of pounds.

It might work out easier to trade in your car first and then purchase your next car separately, rather than part exchanging. This way, the dealer won’t have to pay you the difference in cash.

Here at cinch, we can offer part exchange for a cheaper vehicle and will pay you the difference up to a maximum of £2,000 (minus a £99 admin fee).

Part exchanging a car that’s worth more: pros and cons

Part exchange for a cheaper car can be a simple way to downsize your costs and switch to a less expensive vehicle. You might be tempted to do this if you no longer want to spend as much on your car.

If you no longer need a sizeable family car and want to switch to something smaller, or need to trade in a sporty model for a more sensible car, part exchange for a cheaper model might be a good bet.

This way, you’ll also skip the hassle of selling your car privately. Private sales can be lengthy and stressful, and there’s always the worry of scammers causing trouble.

You might also be worried that a potential buyer could try and seek compensation in the future for any problems with the car. Private sellers may also feel uncomfortable with meeting a stranger from a car sales website, forum or social media.

While there are plenty of benefits to part exchanging a car that’s worth more, it can be difficult to find a dealer who will agree. They’re not always happy to pay the cash difference, so make sure you check this ahead of time.

You might be able to get more for your current car if you’re willing to go through the hassle of selling privately, as you can set a price and negotiate with the buyer. There’s usually no room for negotiation when it comes to part exchange.

If you want to part exchange for a cheaper car with cinch, you can use our online tool to go through the process.

The process of part exchanging for a cheaper car

When it comes to part exchanging your car, your vehicle will be inspected, and the accompanying paperwork looked over to come up with a value.

Things like any damage to the car, wear and tear and the maintenance history will contribute to the value. You’ll then be offered a price to part exchange your car for and can choose to accept and go ahead.

You’ll then have to supply the dealer with all of the right part exchange documents, as well as the locking wheel nut key and any spare keys. They’ll take your car and you can use the value towards your next model.

If your next model is cheaper than the car you’ve traded in, the dealer might be open to paying you the cash difference. This will depend on the individual dealer or organisation, so it’s best to speak to them to see if this is something they offer.

What to consider when thinking about trading in for a cheaper car

Trading in your car for a cheaper model can be a really simple way to downsize your payments and get a new vehicle that suits your needs. You’ll dodge the hassle of selling privately, and the process is usually speedy.

You might want to consider if trading in for a cheaper car will get you the best value for money. In some cases, it might be a better option to trade in for the cash amount and then purchase your next vehicle or use the money as a deposit for finance.

If you do decide to part exchange your car for a cheaper model, you should be aware of the market value of your current car before you get it evaluated. This way, you’ll know if you’re getting a fair deal compared to what you’re likely to get if you privately sold.

Faff-free part exchange with cinch

We offer part exchange on used cars through our website, and you can get a free and instant quote that’s a guaranteed price for your car.

There's the option to part exchange for cheaper vehicles up to a limit of £2,000, so you can easily trade in your more expensive vehicle online in a straightforward process.

Read more about part exchange:

• Should I part exchange my car?

• What documents do I need to part exchange my car?