How does the part exchange process work?
The basics are simple. When you want to buy a new or a used car, the dealer selling it will offer to buy your car as part of the deal. So that sounds fine, but is it the only way to do it?
There are other ways
If you do not want to go the part exchange route, you can sell privately by listing the car on any number of platforms or papers, or sell it to a different dealer, 21st Century-style, like WeBuyAnyCar.
The companies that promise to buy, even if the car is not in great condition, will ask for the registration and some other details and make a first offer. The offer will be firmed up after you visit a local dealer working on the buyer’s behalf, for an inspection.
Is selling your vehicle through part exchange,
really the best option.
Comparing the Offerings
Despite all the new kids on the car selling block, part-ex remains king of the road. So what has part-ex got that other car selling methods find it so hard to challenge?
The part-ex deal makes selling and buying easy, comfortable and convenient. You could drive into your local dealership with your old wheels, hand over the keys and pick up some new ones. Bar some paperwork, you could be back on the road in your lunch hour.
You avoid the hassle of ending up with two cars while trying to sell yours.
In the worst case scenario, you’re left with no car at all, as you look for another after yours is sold.
Selling privately attracts time wasters and isn’t always a pleasant experience for a single gal.
More positively, you have a lump sum which can be conveniently offset against your next car.
Have an instant lump sum to offset against the cost of your next car.
Since it’s a package deal, you can lose money. Ultimately, the dealer is looking to sell your ex-motor on for as much, if not more than they bought it. So it’s likely you won’t get the same price as you would selling privately. It’s definitely worth getting a valuation to know how much you’re ‘spending on convenience’ and a hassle-free experience.
The bottom line
Part-ex has been so popular over the years since it takes the stress out of shifting your next car. Provided there’s not a huge gap between its private price and the dealer’s part-ex offer, selling part-ex could be well-worth the package. If that gap is too chasm-like, look to other solutions to boost your cash towards your next motor.