How Part Exchanges Work When Buying A Car

Here at V12 Sports and Classics we offer an incredible part exchange service in order to ensure that you get the best possible price. With this said, it can be shocking how many people do not understand what is meant by the term ‘part exchange’ and it can often lead to customers being duped out of a fair deal. In this article, we are going to go over everything you need to know in order to ensure that your part exchange is as cost effective and fair as it can be…

What is it?

To part exchange in terms of a vehicle, you simply allow the value of your current car to be put towards the cost of a new one. For example, if you get told that your current vehicle is worth £4000 and you would like to purchase another that is £9000, the idea is that you would pay the difference of £5000 during a part exchange. With this said, it is important that you gather all the information you need before you blindly walk into a fixed contract.

Outstanding Finance

Sometimes people can be put off part exchanging because they have outstanding finance on the vehicle they are currently driving. Depending on the type of finance, most of the time it is still possible to complete a part exchange and transfer the finance to the new car, however it is important to check when you enquire about the service.

Advantages vs Disadvantages

Like many decisions, part exchanging can come with a range of pros and cons so it is important to take context into consideration. For example, it is said to be an extremely convenient way to swap out your vehicle for a different model and the option to part exchange is still possible with outstanding finance, which is often an attractive quality. On the other hand, it is often possible to get a higher value if you sell your old vehicle privately, so it is important that you make sure you are making a decision that will benefit you in the long-term.

Financing a vehicle can be confusing, so when the concept of part exchanging is thrown into the mix, the whole situation can become complicated quite quickly. Luckily, the V12 team are always on hand to help! Our range of used cars are on hand to test drive and can even be involved in a part exchange! Get in contact today to find out more information!