Part exchange is when you trade your existing vehicle into a dealership as value towards the cost of a new vehicle. It’s also sometimes referred to as ‘trading up’ or ‘trading in’.
If you’re looking for a new car, then part exchange can be a simple and easy way of replacing your current car whilst also reducing the price of your new car. It’s essentially an agreement between you and your dealer that enables you use the value of your current car towards the purchase of a new one.
Part exchanging a car is a straightforward process. It’s simply a case of discussing with the car dealership that you wish to purchase your new car from if they offer a part exchange deal. Any value or equity from your part exchange vehicle can be offset against the purchase price of the new vehicle, either by paying less for the new vehicle, or simply transferring the money of the traded-in vehicle.
Part exchanging is still possible when buying your new car on finance. The value or equity from your part exchange vehicle could even be used towards the finance deposit for your new car – you can speak to your local dealer for full details.
Don’t worry if your current car has outstanding finance remaining, it may still be possible to part exchange the car depending on its value and the finance balance remaining to pay on it. Your preferred dealer can advise you of all your options.
The value of your car will depend on a few factors, such as:
The make and model of your car
The car’s age
The car’s mileage
Part exchange can benefit both you and the dealership. Some of the other benefits of part exchanging your car can include:
It’s quick and stress-free - it saves the time and hassle of preparing your car for sale (repairs, advertising, finding a buyer, negotiating prices, etc.).
You might save money by trading it in rather than trying to sort out fixing it up yourself, depending on the condition of your car
Whilst part exchange may seem like an attractive option, it might not be for everyone. If you’re unsure about whether you want to part-exchange your car, you might like to consider getting in touch with the car dealership to ask any questions you might have.
Dealers will take into account everything from dents and scuffs to damaged parts and mechanical issues, and make you an offer based on the condition of your vehicle. They will also likely test drive your old car to get an idea of its performance before making you an offer.
GETTING YOUR CAR VALUED
A good first step is to get your current car valued - you can do this online or in person. You can also find out how much other people are asking for your car, or cars similar to yours (make sure to also look at things like mileage, engine size and condition).
That way you'll have a better idea of the value of your car, so you'll know what to expect from the dealership.
PREPARING YOUR CAR FOR PART EXCHANGE
Next, making your car as presentable as possible will help - a clean, well polished car will look better than a dirty and rusty one, and therefore will attract a more favourable part exchange valuation. You should also:
Gather all the relevant paperwork for your car
Present any MOT and service history paperwork you may have
Consider replacing any missing or broken parts
Presenting your part exchange vehicle at its best and having to hand any MOT and service paperwork will make the part exchanging process a little more straightforward, and put you on track to getting your new car.
If you’re considering part exchanging your car, but have some questions about the process, it’s best to get in touch with the car dealership directly. If you own a Suzuki and are looking to trade it in for one of our new cars, you can find your friendly local Suzuki dealer using our tool below.