Although many of us like to dream of owning numerous luxury cars, it’s a fact that most of us can only afford one, which isn't such a bad thing – after all, you can only drive one vehicle at a time. When it comes to purchasing a new vehicle, we all like to try and get the best deal available; with this in mind it should come as no surprise then to learn that part exchange car deals are incredibly popular among new car buyers.
When a person trades in their current car as a means to get a discount from a new vehicle, this is known as a part exchange. It’s common practice amongst most reputable new and used car dealerships across the UK to offer part exchange deals, largely for the reasons mentioned above. The amount of discount given on the vehicle purchase is generally decided upon once the dealer has inspected the vehicle that the buyer intends to use as collateral, whereby a final deal is made.
One of the biggest advantages of part-exchanging is that buyers are given an opportunity to upscale to a better model, or a vehicle that they would otherwise struggle to afford without the trade-in option. In many scenarios, it enables the buyer to purchase a high quality car without breaking the bank. It’s often the case that trading in an older model for a newer, more fuel-efficient and economical vehicle can help the buyer to save on fuel and tax costs, too – it’s a dream scenario.
Dealers typically decide on what discount to give based on a number of criteria, including the age of the vehicle, the condition it’s in, how many miles are on the clock and its current market value.
For further information on how a part exchange could help you to drive away in your ideal car, simply contact one of our friendly, experienced team who will be happy to help with your enquiry.