What Is Part Exchange & How Does It Work?
What does it mean to part exchange your car?
If you think it’s time to change your car, you might consider part exchanging it instead of selling it privately. Part exchange is the process of using the value of your current car to get a better deal on the one you’re interested in purchasing.
What documents do you need to part exchange your car?
To ensure that you’ll be able to part exchange your car, you’ll need to provide the following:
The V5C logbook
MOT certificate
The keys
The manual
Service book
How does part exchange work?
You’ll first need to get a valuation for your car either online or in person. Once you have the valuation, you’ll be contacted by the dealership to discuss whether you’d like to continue the process.
If you want to continue, you’ll need to bring your car to the dealership to be inspected. If you haven’t already, you’ll have the opportunity to choose your next car from the vehicles the dealership has in stock.
The valuation of your current car will be subtracted from your next car, and you’ll be expected to pay the difference.
Once the transaction has been finalised, you’ll need to inform the DVLA that you are no longer the registered owner of your old car and that you’re the owner of the new car. In most cases, the dealership will take care of this for you.
Is part exchange better than selling your car?
If you’re selling your car to purchase another one, part exchange is an excellent option. It allows you to browse, buy and sell their cars all in one place, saving both time and money.
Can you part exchange with outstanding finance?
It depends on the dealership, but it is possible to part exchange your even if it has outstanding finance. As long as the finance amount is less than the valuation, you should be able to continue the part exchange process, you’ll need to inform the dealership of the outstanding finance amount and provide a settlement letter.
What should you part exchange your car with LG Car Sales?
We are a used car dealer based in Cambridgeshire with over 30 years of car buying experience, so you can be confident that the valuation we’ll provide for your vehicle is fair and accurate. Our valuations are free, and we will consider cars of all makes and models, so it’s likely that we will buy your car if you’re interested in selling your car in Cambridgeshire.
Should you want to purchase your next car using car finance, then the valuation you’ll receive for your old vehicle could be used as a finance deposit for your next one. We act as a credit broker to communicate with over 32 lenders so you’ll get a finance quote that best suits you and your budget! To start your application, you can apply online today, and one of the team will be in touch.