What is Part Exchange and Why Should You Consider It for Your Vehicle?

Thinking of getting a new vehicle? You have a couple of options when it comes to financing the new car. First, you could sell it and use the money toward purchasing the new car, which takes time and finding a buyer. Second, you could do a part exchange, where you offer your car to the dealership and they will give you credit toward your new vehicle.

What is Part Exchange?

A part exchange allows you to use the value of your old vehicle and put it toward the payment for the new one. It’s an efficient method of getting more money to pay for the new vehicle and doesn’t require finding a buyer or dealing with the hassles of selling the old car.

If you wish to purchase a vehicle worth £18,000 and the dealer values your vehicle at £8,000, they will remove that £8,000 from the purchase price of the new vehicle. You pay £10,000 and turn in the old vehicle.

Remember that your vehicle drops in value over time and this will factor into the amount the dealer offers you. Other factors include the mileage, model, make, and how old the vehicle is. Even the colour could affect the price.

How to Get the Best Deal Possible

Of course, you want the best price possible for your old vehicle, so you’ll need to take a few steps to ensure the car is worth more.

• Wash it: A carwash is one of the best things you can do for your vehicle since it allows the dealer to see exactly what to expect. They can see how great it looks or whether there are dents, etc. that will devalue it. A clear view is essential and a clean car looks better than a filthy one.
• Clean it out: Don’t stop with cleaning the outside of the vehicle. You also need to clean the interior. Be sure to vacuum the seats and under the seats, clear out the glove compartment and the boot. This gives a much better impression and will immediately boost the perceived value of the car.
• New Car Smell: Does your vehicle smell odd? After using it for a few years, there may be some less than pleasant odour in there. It’s a good idea to have any stains or bad smells professionally eliminated so you can present a car that is worthy of reselling.

Caledonia Vehicles

Are you ready for a new vehicle? Contact Caledonia Vehicle Solutions to learn more about how we manage part exchanges.