What is Part Exchange and How Does It Work on a Finance Car?
Looking for your next car and wondering if a part exchange is the right option for you? Learn everything you need to know.
If you are in the market for a new car or used car, you might be wondering what to do with your old one. From a private sale to part exchanging your car, there are a few different options available.
We’re taking a closer look at part exchange, including how it works and what the benefits are.
What is part exchange?
A part exchange is when you trade in your old car for cash to put towards a deposit on a new car. If you have any outstanding finance on your current car, the money will be used to settle any remaining payments.
During a part exchange, you will be given a valuation for your car based on its current condition. An inspection will then be completed by the dealer to confirm the car matches the condition described.
Benefits of part exchanging your car
Part exchange is a great way to get cash for your old car and put it towards a new one.
Here are just some of the great benefits:
- Convenience – sell your old car and buy a new one, all under one roof. Part exchange removes the stress of privately selling your old car.
- Fair price – our registration checker uses a smart algorithm that analyses over 50,000 used car prices to give you a fair price.
- No hidden fees – we charge no admin fees, so you don’t need to worry about any hidden costs.
- Support – our friendly, knowledgeable team can help you find the best new car for your lifestyle and budget.
How to part exchange your car: the process
Part exchanging your car is quick and easy with Bristol Street Motors. Simply enter your reg and get an instant valuation. You can also visit your local dealership if you prefer to get a valuation in person.
Our algorithm checks the prices of over 50,000 cars to give you a fair and accurate price. The price is then guaranteed for seven days to give you time to make your decision.
If you decide to go ahead with the valuation, we will then complete a visual inspection of your car. This is to confirm your car meets the description you’ve provided and check key paperwork.
The next step is to browse our wide range of new and used cars. As one of the UK’s largest automotive retailers, we represent some of the top car manufacturers.
After you’ve found your ideal car, we will then deduct the value of your current one from your next car. All you need to do is pay the difference.
How to part exchange a car on finance
If you still have outstanding finance on your current car, you will need to request a settlement figure from the finance company. The value of your current car will then be used to settle the remaining finance balance.
We will arrange all the paperwork throughout the entire part exchange process and there are no admin fees to pay.
The final step is to then pick up the keys to your new car!
How to maximise your car’s trade-in value
There are a few ways you can get the most out of your part exchange, so you have more money to spend on your new car.
1. Clean your car
While people say it’s not always about what’s on the outside, in this case, looks really do matter. Give your car a thorough clean inside and out before you take it to a dealership for inspection.
For something so small, it can make a massive difference to the trade-in value.
2. Repair any damage
Any small scrapes, dents, or scratches can negatively impact the trade-in value of your car. At Bristol Street Motors, we repair all car makes and models to get them in prime selling condition.
By doing this, you can more than likely make the cost of the repairs back in your trade-in value.
3. Service and MOT
If your car service and MOT are due, make sure these are carried out before you part exchange your car. Nobody wants to buy a car without a full-service history and risk having to pay for costly work.
4. Find items that came with the car
It’s important to find essential items that came with your car to maximise the trade-in value. These include:
- Two sets of keys
- Interior fixings including the parcel shelf
- Spare wheel
5. Organise paperwork
Before you part exchange your car, it’s vital to get all your paperwork in order. Make sure you have service history records, a valid MOT certificate, and a vehicle log book (V5C).
You will also be asked for a valid finance settlement letter which displays the final settlement figure. As well as the finance company’s bank details.
Part Exchange your car with Bristol Street Motors
When you part exchange your car with us, you can enjoy a range of benefits. Get an instant valuation and a guaranteed price for seven days. This gives you plenty of time to decide what new car to choose.
With a wide range of car manufacturers to choose from, there’s sure to be a car that fits your needs and budget.
To start your part exchange journey with Bristol Street Motors, get a free car valuation online or visit your local dealership.