Part exchange cars are a great way for you to get the keys to a brand new, or newer car for lessby part exchanging your old car.
The average person changes their car every few years, around 3 or 4 years typically.
And getting the keys to a brand new car can be quite expensive.
You’ve got responsibilities, bills to pay and need a cheaper car right?
Awesome – I’ll tell you exactly what you need to know about part exchange.
What Is Part Exchange?
Let’s assume that you’ve got an older car that you’ve had for a few years and it isn’t on finance.
Or your finance is paid off.
The car that you’re driving still has residual value left in the vehicle, and this value can be used to offset the cost of a newer car or model.
You’ve got a 2010 Ford Focus, it’s a manual gearbox and is a diesel – great for motorway commutes and a sensible car.
You bought it for £15,000 with cash and after a few years the car is now worth £5,000.
You now want to go and buy a newer Ford Focus – maybe one with a petrol engine this time.
The newer car has a price tag of £20,000 and you’ve got £15,000 saved up in your savings account…
Part exchanging your current Ford Focus means you’ll only need to pay £15,000 as your current car is worth £5,000.
Sounds easy right?
Well, for the most part, it is, as long as you’ve kept your car in great condition!
How To Get The Best Part Exchange Price
Now that you’ve got a better understanding of what part exchange actually is, let’s look at some of the ways you can get a better part exchange price.
The value that you’re given will depend on a number of factors, these include:
- Paintwork – what’s the condition of your car’s paintwork?
- Body – are there any dings, dents or scratches on your car?
- Wheels – are your wheels curbed?
- Age – how old is your car? Older cars could be worth less.
- Mileage – higher mileage cars might bring the part exchange value down.
Let’s take a look at each of these factors one by one.
Your Car’s Paintwork
The paintwork on your car naturally is going to degrade over time as it’s exposed to the elements outside.
The sun can be harmful to humans just as much as it can be to cars.
One way that you can ensure that you’re getting the best part exchange value is to make sure your car’s paintwork is kept clean during the ownership period.
Make sure to regularly clean and wash your car, keeping up with scheduled maintenance and looking out for that bird mess on your car!
I hate it when I see bird’s mess on my car’s paintwork – it’s difficult to get off, but it will ruin your car’s paint if left there!
Make Sure Your Car’s Body Is Good
I mean seriously…
That’s not meant to be a joke, making sure your car’s bodywork is free from dings, dents and scratches is a crucial part!
No dealership will give you an amazing part exchange value if they can see that you’ve opened your car’s door into a solid brick wall.
And I get it…
Some dents and dings might be unavoidable, for example, when you’re parked in a supermarket car park trying to do your weekly food shop.
Part Exchange Value And Your Wheels!
Car wheels are expensive to replace, and unfortunately a lot of people can get an idea of an individual based on the curbed wheels that you’ve got!
Unavoidable, and hard to spot, the dealership likely will reduce your part exchange price if your wheels are curbed.
You can get them refurbished, but this route will cost you more than you’d like.
My top tip with this is…
Be careful when you’re driving around, pay attention to how you’re driving and where you’re parking!
Your Car’s Age Will Affect Your Part Exchange Value
Even if you’ve just bought a car, even a brand new car…
Simply driving it out of the dealership will automatically mean a few thousand lost with barely a few miles on the car.
There isn’t anything you can really do to get a better part exchange value if your car is getting older…
Typically speaking, higher mileage cars will result in you having to take a hit on the amount you get offered for a part exchange.
Like with your car’s age, mileage is something that you can only slow if you don’t drive your car.
This could be a good thing though…
Do you live in the city?
If so, are you able to catch a lift with a friend or family member to work or college?
It’ll be a great way for you to help save the planet and reduce the CO2 emissions!
Is Part Exchange Right For Me?
Now that I’ve given you some pointers with how to get the best part exchange value, is part exchange actually for you?
If you’ve kept your car in great condition and truly have kept up with the maintenance records you might be able to get a better value by selling privately.
What do I mean by this?
You could sell your car on a website such as Motors. You’ll need to create an account, it shouldn’t take too long.
By selling your car privately you’re sacrificing some convenience and time for a better value.
Car dealerships need to make some profits somewhere and part exchange could be one way that they do that.