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Blog / Finance & Part-Exchange / Part-Exchanging a Car Explained

Written by : sshields

Published on:: 09/01/2017

Part-Exchanging a Car Explained

Part-exchanging your car is the most popular method of getting yourself into a newer model. Here’s a hassle-free guide to part-exchanging…

What is Part-Exchange?

To put it simply, part-exchanging means using the value of your current car to go towards the cost of a new one. For example, your current car is valued at £8,000, by a dealer, and the car you wish to purchase is priced at £12,000. That means you only need to pay £4,000 towards the new car, otherwise known as “price to change.”

What’s my car worth?

Can I part-exchange my car?

In the vast majority of cases, you can part-exchange your car no matter how old it is or the condition it is in. However, there are certain criteria that will affect the valuation of your car, such as faults with the car, service history, how much MOT is left and so on.

Can I part-exchange my car with The Car People?

Yes! We’ll take in any car as part-exchange, even if your current car is worth more than the car you want to buy.

At The Car People, we make part-exchanging easy. Unlike other dealers, we will give you the best valuation first time round, which you can use against any car available for sale at our showrooms. We can even value your car over the phone, by email or webchat. Contact us now.

What if I have outstanding finance on my current car?

Depending on the type of finance you’ve taken, in most cases, you can still change cars and carry over any outstanding finance onto your next car. Most dealers, including ourselves, will settle the finance on your old car on your behalf. Click here for more information on outstanding finance.

What are the advantages of part-exchanging my car?

The main advantage of part-exchanging your car is the convenience of visiting a dealer with your old car and driving away in a new one, it’s as quick and simple as that! What’s more, you can part-exchange your car even if you have outstanding finance, which you can’t do if selling privately (you have to clear any outstanding finance if you wish to sell privately).

What are the disadvantages of part-exchanging my car?

The main disadvantage of part-exchanging is you won’t get as much for your old car as if you sold it privately. Of course, with selling privately comes the hassle of time-wasters and chancers trying to get the car as cheap as possible. But then, there’s always car buying services that will buy your car off you, no quibbles. However, it’s very rare that you will get a better valuation from these services than just part-exchanging, especially with The Car People.

Get a part-exchange valuation now


Author Bio

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By Steven Shields, Social Media Executive & Content Writer for The Car People.


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