Part exchanging your car allows you to combine the process of selling your old car and buying your next one. Your local dealership will offer you a price for the car you are trading in, and will put this figure towards the cost of your next purchase.
The ease and convenience it offers does mean it can be a less cost-efficient way of selling your car than doing so privately. But it is a great option for those who do not want the hassle of advertising the car, fitting in viewings and the worry of the car being rejected post-purchase.
Why part exchange?
It is an increasingly popular option for car buyers in the UK – research has suggested that roughly 3.2 million people each year choose to part exchange their car.
While it may not be the best choice for everyone, there are some clear advantages:
- It stands out as the most easy and convenient option. You could drive to the dealership in the car you are exchanging and drive home in your new car. Other options are likely to leave you temporarily with two cars or with none at all.
- You avoid initial outlay of advertising your car privately and the time dedicated to viewings.
As mentioned previously, you are likely to receive a lower value for your car when part exchanging than you would when selling privately. However, research by Auto Express discovered that there was little difference between a part exchange value and the private sale of the same car.
This was due to the cost of advertising the car for sale and the fact that vehicle prices on the private market are always reduced to reflect the lack of security around the vehicle’s reliability and condition. What’s more, most dealerships are equipped to sell second hand models and can therefore offer you a competitive price while still making a profit on its resale.
Mercedes-Benz South West has their very own Part Exchange Centre which allows them to take on all makes and models of car, including smart and Mercedes-Benz.
How is your part exchange valued?
The dealership will offer you a figure on the car you are valuing that is based on condition, age, mileage and specification.
It is always best that you go to the dealer with an idea of what the car is worth and this will be based on:
- The condition of bodywork and the interior – are there any dents, scratches or scuffs, and is there any damage to the upholstery?
- Are there any mechanical faults? The cost of repair of these will be considered in the quote.
- The car’s service history – the service history shows you have taken care of the car, especially if the work was completed at a franchise dealer. An incomplete service history can reduce your car’s value by as much as 10%.
- Your vehicle mileage – the lower the mileage, the more your car will be worth to a new owner.
- Is it a desirable make and model – again, this relates to how easy it will be to resell.
Our team will offer you an initial quote based on information you provide us about the vehicle. However, a confirmed price will be agreed once we are able to view and assess the vehicle and any damage.
Top tips for getting more for your old car:
- Pick a dealership that will be able to resell your car – they will likely offer you a better deal for your car as they will find it easier to sell it on.
- Keep a full service history
- Have at least six months left on the car’s MOT
- Bring it in clean and tidy for its valuation
What documents will you need when you bring in your car?
If you choose to part exchange your car with us you will need to bring along these items to your handover:
- Proof of Service History
- Spare key
- Any removable components like the parcel shelf