Today we’re here to shed some light on your Part Exchange FAQs. The process of buying a car is a complicated one, and also one that no longer necessarily relies on you needing a large sum of cash in order to get a great deal.
Part exchanging your current car is a great option to invest your asset wisely and to save you money on the cost of your next vehicle.
Your Part Exchange FAQs, Answered:
How do I get valuation for my car?
Our Online Valuation tool allows you to upload the details and photographs of your car in order to receive a valuation quote. The quote amount will be confirmed with an in-person valuation by our sales team. Including as many pictures as possible, including any damage, will enable us to give you the most accurate quote. Or, visit your local dealership to receive your valuation.
Can I only exchange a Mercedes-Benz or smart?
No! We are happy to take vehicles from any manufacturer and to use these as collateral towards your next Mercedes-Benz or smart purchase.
Do I have to use the whole value of my part exchange towards a deposit for my next car?
You can decide to only use a portion of the value of your part exchange vehicle toward your next purchase. We will release the funds to you once the car has arrived at our dealership and we have undertaken a full appraisal of the vehicle.
What happens if my car is damaged?
The value that we give you is based on the general condition of the vehicle. If there is any damage to your car we will take that into consideration as part of your valuation. If you are uploading photographs of your car via our Online Valuation tool it is best to document any damage so that we can give you the correct price.
How do you value a car for part exchange?
We take a multitude of things into consideration when putting together the valuation of your car. The main things we look at are:
- Specification (including optional extras such as sat nav or parking cameras)
- Market availability (if your car is a rare model then it may be worth more)
- Condition of body work and interior
- Maintenance history
- Mechanical health
What are the benefits of part exchanging vs selling privately?
Part exchanging your vehicle is by far the most seamless way of managing the sale of your current car, as well as the purchase of your next one. Part exchanging means that you can take care of both elements in the same interactions with the same contacts.
The other benefit of selling your car through private exchange is the savings you will make in paying for advertising, as well as in time spent on viewings. Our blog ‘Why you should consider a part exchange’ is a great guide.
How does a part exchange save me money?
If you are part exchanging a vehicle with no outstanding finance, it could be that the value of that car is enough to cover the cost of your next car outright, or with just a small amount for you to top up if you are making a cash purchase.
Alternatively, your current car can be used to pay for the deposit for your next financed purchase. The deposit value will impact how much you pay each month for your finance deal.
Can I part exchange my car with outstanding finance?
You can part exchange a car with outstanding finance, however this does depend on the status of your current finance agreement.
If your outstanding finance is lower than your current car is worth, then you have equity to use toward your next vehicle purchase. For example, if you have £10,000 left to pay but your car is worth £15,000, then you would have £5,000 to use towards your new vehicle.
However, if your car is worth less than your finance you will be in negative equity, which makes a part exchange less straightforward. There are still options available, for example you can pay off your settlement value if you have the cash available, and our friendly team are happy to discuss your requirements.
What documentation do I need for part exchange?
We will need:
Your log book
Your V5 certificate
Any removable components (EG the parcel shelf)
The keys to your car
Does my car have to have an MOT for part exchange?
Not necessarily, however you could get a higher valuation for a vehicle that has six months or more left on its MOT.
Does getting a part exchange valuation mean I have to sell my car to you?
Not at all! Our Online Valuation tool means that we can give you a free, no-obligation quote for your vehicle. The next steps are entirely up to you.