Usually, in order to afford a new car, you have to sell your current wheels – known as part exchange. Read on for all you need to know about part-exchanging your car
How do I part exchange my car?
Part exchange is when you sell your current car in order to afford its replacement. Traditionally, when you part exchange your car, you simply exchange your old car with a dealer in return for part of the price of a new model.
The dealer negotiates with you how much your car is worth, depending on its condition, age, popularity and, based on these factors, how easily they think they’ll be able to sell it on.
The upside to this is it’s a straightforward process – selling your current car and buying a new one in a single transaction dealing with one other party.
The downside is you need to make sure you get a good price, because the value of your old car goes towards paying for its replacement – the more you get, the less of the remaining balance there will be left to pay.
How do I part exchange my car on carwow?
carwow takes the hassle out of buying a car and so it’s no surprise we also take the hassle out of selling the car you want to part exchange.
We’ve teamed up with The Car Buying Group to make selling your car as simple as possible.
Why part-exchange with carwow?
|Buying and selling a car around everyone else’s schedules – not at a time that suits you||Convenient: Our service is centred around you. There’s no gap between selling your old car and driving away in your new one if that’s what you want. We can collect your old car at a place that suits you on the same day you buy your new car.|
|Haggling with a pushy dealer||Fair: Free, instant online valuation. Then once you’ve submitted full details, your guaranteed valuation takes into consideration your car’s condition and options or extras your car has fitted. Oh, and we’ll price match the final price from webuyanycar.|
|Taking your car to a centre to get valued||Free: We’ll collect your car from anywhere in the UK for free – we’ll come to your home, office or even the dealership where you are collecting your new car, with no hidden fees.|
|Selling privately can be draining. You need to write and pay for an advert, dodge scams, arrange to meet with buyers – some more serious than others – and then haggle a price.||Immediate: Money is transferred into your account immediately, with an extra £100 extra bonus for selling your car through carwow|
|It can be complicated and time-consuming selling your old car and buying a new car in one transaction||Flexible: You can use all or just part of the money you received for your part-ex on your next new car – you have that flexibility|
How it works
Enter your car’s registration number, its mileage and your phone number to get a free, estimated valuation for your car. From there, you just need to stick in a few more details about your car’s condition before carwow issues the offer price. Choose to sell your car through carwow, and you’ll get an extra £100 bonus on top of the offer price.
If you are happy to proceed, carwow will arrange a time and a place to collect your car from anywhere in the UK, free of charge. We collect seven days a week, and in the evenings too, which makes it super convenient to fit around your commitments. You don’t need to take your car to a collection centre or car dealership.
Once the paperwork is complete, your part exchange money is transferred immediately into your bank account. You can then use all or part of that cash to buy your next new car.
Can I part-exchange a leased car?
No, you cannot part exchange a leased car. Like renting a house, at no point during your leasing agreement will you actually own your car – it remains the property of the leasing company, even after your final payment. When your car leasing agreement has finished, you must return it to the leasing company.
Can you part-exchange a PCP car?
Yes, you can part-exchange a PCP car – provided there is no outstanding finance on the vehicle. Usually, you have the option to buy the car and own it outright when you reach the end of your PCP deal. But you don’t have to wait until the end your contract to get into a new car. We can offer you a valuation based on the market value of the car and will settle the outstanding finance on the car for you.
It’s then up to you how much of your part-exchange cash to put down on a deposit – you have that flexibility.
Will I get more money if I sell the car privately?
Possibly. Selling your car through classified adverts could mean you get a higher price than if you sold the car through carwow or took it for part exchange at a car dealer.
The downside is that selling privately can be a logistical nightmare of buyer no-shows, wasted weekends and evenings, and stressful haggling with no guarantee that a buyer will ever materialise. If you sell your car through carwow there doesn’t have to be a gap between that and buying your new one. It can all happen on the same day. And as mentioned before, this happens at a time that suits you.
Is selling a car to a third party better than trading in my car at a dealership?
The advantage of selling to a third party is flexibility – you decide how much of that cash you put into your next car purchase.
If you trade in at a dealership, chances are all the cash from your sale will go towards the purchase of the new car.
However, if a dealer knows there is a good second-hand market for the car you are selling, they may offer you more for it. Or if they are earning a good margin on the new car and finance deal they are selling, they may offer you a better deal than a third party – to entice you behind the wheel of a new car.
Why would it be better to put a smaller deposit down on a new car?
Often you can get a better deal if you put less deposit on the car as many car dealers make money from the finance deal rather than the actual car. And if there are 0% finance deals on a new car, then it’s probably a good idea to use someone’s money rather than your own, because you are not paying interest.
How to get the best price for my part-exchange
First impressions are key. To get the best valuation for your old car, it really needs to look its best.
Give it a good wash, hoover the cabin and make sure the kids haven’t left any empty crisp packets under the seats. Make sure the parts you regularly see and touch are clean and in good working order.
Have all your paperwork in order – a taxed car with a full service history and a valid MoT certificate is worth more than a similar car without. Make sure you also have your car’s registration certificate – called the V5C – to hand.