Most people who are looking to buy a new car are at an advantage if they have an existing car they can trade in, to offset against the price of the new one. In a nutshell, this is what part exchange is. For example, if you have set your eyes on a lovely, year-old Volkswagen Golf advertised at £19,500, you would ask the garage selling the Golf to provide you with a part exchange quotation on your existing car. If your current car is, purely for example, a 2006 SEAT Altea and you are offered £2,500 as its value in part exchange, you would then pay £17,000 for the Golf; in basic terms.
If you do a Google search, you will come across a handful of specialist firms who provide used car valuations. But nothing beats the selling garage seeing your car in the flesh, allowing them to properly inspect it and chat to you as its owner, to get a much more accurate picture. At CarShop we welcome buyers who have a car to part-exchange against one of our vehicles, and customers are often delighted that we can offer a comparatively better part exchange value than they have been quoted, by other valuation services.
The value you’re offered in part exchange depends on several factors, such as how old your current vehicle is, how many miles it’s covered and whether most of your driving was on motorways or around town. The vehicle’s condition is taken into account, as even relatively new cars can sometimes pick up dings, scrapes and stains; so tyres, bodywork and the state of the interior are all assessed. Having as comprehensive service history as possible is another great way of maximising your trade-in car’s part exchange value. Cars with nice, clean, properly stamped service booklets allow for a more accurate valuation by the person doing the valuation. Remember, though, it’s vital to be in possession of your V5C registration certificate and MOT print-outs, or else you won’t be able to part exchange your car.
For customers considering funding their new car through finance, part exchange can help in a similar way, as the value offered for the trade-in car could cover the upfront deposit, and may result in slightly lower monthly payments.
The alternative would be to buy your new car and then sell your current car privately, advertising it in your local newspaper or on one of the well-known used car portals or internet auction sites. Okay, you may eventually receive slightly more money for your old car, but it’s worth thinking about whether you can cope with the potential hassle of selling it privately. It’s not uncommon for interested people to go and see a car and then expect to haggle on the price, ultimately walking away, or for them to be ‘test drive pilots’. This is why part-exchanging your vehicle at a reputable garage is more desirable, removing the hassle, so more time can be spent enjoying your new set of wheels.
- On: 16 October 2014
- By: CarShop
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