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Are you thinking about upgrading your car in 2023? Great news! There has never been a better time, or more ways to do it. One option for those looking to trade in an old car for a newer model is to use a part exchange service, which can reduce the amount you pay on a new car by using the value of your old against it.
Part exchange, or PX, is a method of buying a car in which you trade in your own old car against the price of the new. Essentially, the car dealer will assess the value of your old car and then buy it from you. Instead of cash, the price of the old car is deducted from the new, giving you a cheaper deal.
There are many factors which can affect how much a used car is worth, such as age, make and model, mileage, colour, and condition. The dealer will usually calculate its value by consulting one of several industry expert car valuation guides, or some have their own calculation system.
Part exchange is a popular choice for many buyers in Britain, with around 3.2 million people per year choosing to use this service, rather than selling privately.
To part exchange your car, you will need all of the paperwork for the vehicle, as well as any parts and accessories, such as the parcel shelf. Here is a list of essentials you must take to the dealership:
If you are planning to take out the new car on finance, you will also need your passport, your driving license, and a recent utility bill.
The better condition your car is in, the more it will be worth, so it's also a good idea to get any minor issues such as scrapes and scratches fixed, as well as to give it a thorough clean inside and out.
If you are currently leasing the car you wish to upgrade from on finance, such as PCP and HP, it can still be possible to part exchange, even if you have not yet fully paid off the finance. However, not all dealers offer this, and there can be extra payments involved when you end a finance deal early, so always ask around and ensure that you are making an informed decision.
Part exchange can be a quick and convenient option for upgrading to a newer car and not having to worry about trying to sell your car privately first.
However, it is not the right choice for everybody. Sometimes you can get a better price for a used car when selling privately. Juggling two transactions at once can also get confusing, and PX can quickly become complicated when trying to balance all the numbers. Before entering into a deal, it is important to assess carefully and understand all the options available, before making an informed decision.
If you decide that PX is a good choice for you, there are several ways you can ensure the best deal for your car. Be sure to do some prior internet-based research on your car’s value, and understand what similar models are currently selling for.
If you are interested in part-exchanging your car and want to know more, please don’t hesitate to get in touch. Our team of experts will be happy to guide you towards the best decision.
Calls may be monitored for quality and training purposes. Eastern Western Motor Group Ltd is authorised and regulated by the Financial Conduct Authority for credit broking and insurance distribution activities under reference number 310505 – we are a credit broker not a lender. Registered Office: 8 Westerton Road, East Mains Industrial Estate, Broxburn West Lothian EH52 5AU Registered in Scotland No. 14833 VAT Registration No. 269233051 We work with a number of carefully selected credit providers who may be able to offer you finance for your purchase. We are only able to offer finance products from these providers.