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PART EXCHANGE EXPLAINED

 

When buying a new or used car, most of us think that it’s considered more convenient to part exchange your old car with the supplying Dealer. Whilst most of the time that is still the case, do bear in mind that it is really about the “cost to change”.

 

Things to consider when thinking about Part Exchange

  1. Dealers see the part exchange of your current car and the sale of a new car to you as one transaction.
  2. This may actually mean that the more they seem to offer you for your current car (often called an over allowance), the less discount they will be offering you on the new car.
  3. Or they might do the opposite and seem to offer you a great deal on a new car and actually give you less money than your current car is worth – i.e. undervalue it.
  4. It might be worth taking the time and trouble to sell your car privately before negotiating with a Dealer on a purchase of a replacement car.
  5. Do bear in mind that there are pitfalls when it comes to selling a car privately. You have the cost to advertise it for sale and need to be prepared to discount the price.
  6. Selling a car privately also means inviting people to view the car at your home or your place of work and you need to be sure they are genuine and have the money to buy it.
  7. Increasingly there are on-line websites such as webuyanycar.com who offer a simple and very straightforward way to sell your car.
  8. Do get a second valuation on your car before part exchanging it with a dealer (such as using webuyanycar.com); make sure you are getting a fair price for your car.

 

Still thinking of Part Exchanging your car with the Dealer supplying your next car?  In order to get the best possible part exchange price for your car, try to carry out as many of the following tips as possible:

  1. Make sure all the vehicle paperwork is up-to-date including logbook, invoices for work done and the most recent MOT.
  2. Check that your service book and service history are up-to-date, ensure there are no dashboard warning lights on.
  3. Repair any significant bodywork damage.
  4. Make sure the car is clean inside and out.

And finally…….remember that it is best to think of your Part Exchange not as the price of either car, but think of it as the price to change your car for the replacement. The lower the “cost to change” the better the deal you have struck with the Dealer.

 

Fast Car Finance are Specialist Credit Brokers with significant experience in arranging car finance for all makes and models of car. Contact us today.

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