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Should I part exchange my car?

Find out why you might want to consider part exchanging your car

A close up photo of cars parking in a carpark

If you’re wondering whether part-exchanging your car is worth it, there are a few things you need to consider.

Part-exchanging means you’ll be handing over your current car and using it to pay towards the value of your next model.

It can be one of the easiest ways to swap your car and get a new one, and it can mean minimal hard work on your part.

But is part-exchanging your car worth it? Find out if it’s right for you in our guide.

Is part exchange worth It?  

Part exchange is the process of trading in your car to get money towards your next vehicle.

Your car will be inspected and valued, and that value can then be taken off the cost of your new car.  

Benefits of part exchange

  • You won’t have the hassle of selling your car privately and can swap vehicles easily with minimal stress

  • You can use part exchange to settle a Personal Contract Purchase (PCP) or Hire Purchase (PCP) car finance deal

  • The process can often be done quickly and online

  • You can use your part exchange value towards the cost of a new finance plan, so you don’t have to purchase your next car in cash

  • The process can be very quick and easy

Things to consider about part exchange

  • You might be able to get more money for your car if you sell it privately

  • Not all cars are suitable for part exchange – they might be too old or too damaged to trade in

  • Scratches, bumps and dents to your car and other wear and tear can mean that it is valued at less

  • If you part exchange a finance car that’s worth less than your outstanding finance, you may end up with negative equity and have to pay towards settling your finance balance

Is it better to part exchange or sell privately?

Plenty of people decide to sell their car privately when it’s time to move on or upgrade. This means they will independently list their car for sale on a car sales website, forum or social media platform.

Benefits of private sale

  • You might be able to sell your car for more than the part exchange value

  • You can receive the money from a private buyer in cash, which gives you more freedom when buying your next car

  • You can set your own price and don’t have to go off the value from a dealer

  • Private buyers might not be picky about small amounts of wear and tear

Things to consider about private sale

  • You can’t sell a car with outstanding PCP or HP car finance unless you settle the full finance balance

  • It can be a long and stressful process

  • Private buyers can come back to you in the future if they find problems and seek compensation

  • Scammers are rife when it comes to private car sales, so you’ll need to be careful

Part exchange and private sale both have their benefits for different reasons, but you might prefer part exchange if you want a smoother and less stressful process.

Part exchange can be quick and easy, and for some people, that’s worth more than the extra cash you might make selling privately.

The process of part exchange

The part exchange process will differ depending on the dealer or organisation you're seeking your exchange with.

Usually, you’ll need to gather all your documents for a part exchange such as your V5C log book, service history, MOT certificate, driving licence and any finance settlement letters.

You’ll also need things such as your keys, any spare keys, and the car’s locking wheel nut key.

The dealer will inspect your car to see what they value it at. They’ll look at things like the car’s age, make and model, mileage, and wear and tear.

You’ll be offered a price for the value of your car and can choose to accept it. If you’re happy to go ahead, the value of your traded-in car will be used towards your next model.

If you have outstanding finance on your current car, a part exchange can be used to pay it off.

You could end up with positive equity if your car is valued at more than the outstanding finance balance, and this can be used towards your new car.

There’s also the possibility that you could have negative equity – where your car is worth less than the outstanding finance.

In this case, you’ll have to pay the difference or have this added to the price of your new car.

So, in summary:

  1. Your vehicle will be inspected and valued for part exchange

  2. Accept your part exchange offer and gather important documents and car extras

  3. Trade in your car for your next model

Part exchange your car the faff-free way

Part exchange can be a straightforward way to get your next car.

There’s none of the hassle that can come with selling to private buyers, and you might also be able to pay off outstanding finance while reserving some funds to go towards your next car.

Private selling can mean you can make more money from your vehicle, but it’s usually a longer process with more stress involved.

You might consider part exchange if you want to skip the sales process and move straight onto a new vehicle.

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