Why part exchange

In this third instance, you can often use equity from your old finance deal against a new one — this is because PCP deals are typically structured so your car is worth more than the optional one-off payment at the end of the deal. No need to worry about valuing your car, speaking to and hosting would-be buyers or dealing with any of the palaver attached to selling yourself.

With sale value the only real benefit to selling privately, part-exchange has become a hugely popular option, with 3. Part-exchange car value is defined by a number of factors, with valuations based on industry data from companies dedicated to second-hand car valuation. If you want an idea of how much your car is worth, use our free car valuation tool to find out.

As for timings, the more recent MOT you have, the better when it comes to getting more bang for your buck on the deal.

First impressions count, as does the condition of your vehicle during a value assessment. Alternatively, take a look at our current used car offers or find a dealer near you to begin your part-ex journey. An introduction to a lender does not amount to independent financial advice and we act as their agent for this introduction. Our approach is to introduce you first to PSA Finance UK, who are usually able to offer the best available package for you, taking into account both interest rates and other contributions.

If they are unable to make you an offer of finance, we then seek to introduce you to whichever of the other lenders on our panel is able to be make the next best offer of finance for you. Our aim is to secure the best deal you are eligible for from our panel of lenders.

Lenders may pay a fixed commission to us for introducing you to them, calculated by reference to the vehicle model or amount you borrow. And which one is best for you? Read on to find out everything you need to know about the two processes. Ready to get started with selling your car? Moneyshake has partnered with Motorway to get you the best price to sell your car within 24 hours.

Sell your car today. PCP is long-term rental of a new vehicle, whereby you pay a fixed monthly price to use the car for around years. Typically you will either return the car once the deal has run its course, with nothing more to pay. However, a third option involves part-exchanging the car in return for a new model on a separate PCP deal. Remember: a negative equity finance agreement will involve paying off your previous vehicle and the new one, which will increase the price of monthly payments.

So, to avoid incurring late and missed payment charges, be sure to check you can afford the quoted fee. This will save you a lot of time and money which would be needed to advertise your car to potential buyers. Though, on the face of it, it might seem like a hassle, in most cases you will get much more money if you sell your old car privately, to a car buying website or sell to an online car buyer — and, crucially, this will mean buying the new car will be a simpler process and your repayments will be lower.

There are certain things that dealers will typically look out for when they are looking around for a good part exchange. Such things as sought-after makes and models with added extras, low mileage and unusual or rare factory colours. At the time of writing, dealers are also currently favouring SUVs over estate cars and other more traditional styles as their popularity grows , but this may change over time,. Then take it to a few dealerships to get a valuation. Any dealer worth his salt is likely to test drive your old car and look at the bodywork, before giving you a price.

Small scratches, scuffs, chips and dents will all naturally contribute to a lower value and offer. Even the most superficial damage will make a resale more difficult and cause the dealer to take this into account or, at least, use it as a reason when making an offer in order to minimise their own risk. Another thing that dealers will be looking out for will be if the car has a full service history — and surprisingly few sellers seem to realise this. This will always add value to your car — whereas, a missing or incomplete history will lower the price and give the dealer pause for thought.

There are plenty of websites where you can get a free valuation , just by submitting a few details about your car. For example, at Motorway , you can get an estimated offer and find your highest offer from a verified dealer. If you do sign-up to a car buying service online, it makes sense to be honest when filling out the details about your car.

That said, though car-buying services will help you get an idea of what you might expect at the dealership, many of them also offer other inducements — such as free home collection of the vehicle and instant bank transfers of the agreed price — consequently, offers and valuations can be lower than the price a good dealer is likely to give.

Remember: many individuals will arrive at a dealership without any idea of how much their car is likely to get for part exchange — and will get a poor deal. There are some simple things you can do to improve your chances in getting a higher valuation and offer at a car dealership. For example, it is a good idea to get your car cleaned inside and out. This might be anything from waxing the bodywork to buying a cheap scratch repair kit online.

If your car has missing hub caps, for example, you could potentially add a bit of value to your old car by picking up some second-hand ones on websites like eBay or preloved. This can be tricky, so you will need to prepare for it. From your internet-based research, you should already have a good idea of how much your old car should fetch.