Should I Part Exchange My Old Car When Buying A New Car?
A part exchange can be an effective and efficient way to reduce the cost of buying a new car. However some customers don't fully understand how it works and if it will benefit them so we thought we would give you a quick rundown on the benefits and disadvantages of part exchanging your car and how to get the best valuation on your vehicle.
What Are The Benefits of Part Exchanging Your Old Car?
The first and major benefit is that the price given for your old car is taken off the price you pay for your new car. This means that in a single visit to the dealership you can effectively swap for a price your old car for your new one which is a great way to save time and money.
It is far less hassle time and money wise than taking out a classified advertisement and waiting for people to view your car and make a decision on if they will purchase it or not. Some people are not naturally comfortable with the negotiation process and don't enjoy people showing interest in their vehicle that is either not genuine or to see if they can barter down for the lowest price. This is a common experience when people advertise selling their car online.
Part exchange can be very useful when downsizing to a smaller vehicle because the cost to exchange can be minimal and in some rare cases leave you with a surplus.
What Are The Possible Disadvantages To Part Exchanging Your Vehicle?
Part exchanging your vehicle is by far the easiest option but this can be reflected in the amount you are offered for a vehicle. Rarely is the most convenient option the most profitable though it may carry less financial risk than advertising.
That means using a part exchange instead of selling your vehicle privately could result in a lower price for your vehicle. There may be costs the dealership incurs sending a vehicle to auction or repairing it before it could be resold and you are still dealing with a business that needs to make profit to continue running.
The best way to ensure you get the best possible price for your vehicle is to use a reputable dealership such as Cars of Wirral and go with as much information as possible to get the best price you possibly can.
What Do I Need To Know To Part Exchange My Car?
This is the crucial part of any part exchange deal and that is getting the best possible price you can from the dealer you trust. As we have said before there is a 'book value' of vehicles that all car dealerships use and they act as a guide but all car dealerships have one thing in common and that is they are run by people. People can be influenced to give fair and honest valuations if you provide them with the right information and documents.
You can also check and see how much other similar vehicles are being sold for privately. Keep in mind though this is not the price you should expect to obtain from the dealer. Privately sold cars sell for more because it is harder work to sell privately and there are additional advertising costs that push the price up. It is also advisable to remember if you are seeing cars advertised at a certain price it means the cars have not been sold at that price.
When negotiating your new car price and your part exchange price it is best to have as much information as possible and feel secure knowing you can walk away from any deal you don't believe is right for you.
Getting the Very Best Price for Your Car in Part Exchange
The first thing you need to know is the standard value of the car you are currently driving. If you fill in the form above and include all the details then we can provide you with what is commonly known as the 'book value' of the vehicle and that gives you the basic information you need.
When going to a car dealership make sure you bring everything you need to get the best price you can. Remember as much as customers can enjoy the experience of being involved in a negotiation the dealership can too and there are ways you can 'sell your car' to them like any salesman would.
If your car has full service history then carry that service history with you and put it down in front of them. Let them see you have taken pride in your car. The V5C and MOT Documents should be shown to them so they can see everything is in order.
Give your car a wash because first impressions count. It is known amongst car dealerships that they often give a little more for cars that arrive clean, with full visible service history and all documents in order. You are reducing the risk for the dealer who is effectively purchasing your car too.
If you have any minor bumps or scratches have them taken care of before you go looking for a part exchange price. That could take your car from poor condition to fair or from fair to good in the box price and could mean you get significantly more in your valuation. Anything large such as body work repairs or large dents may not be cost effective to repair yourself.
If you have two sets of keys with you bring BOTH of them with you. Simply because most dealerships prefer cars with two sets of keys and that is again increasing your possibility of getting the best price you can. Finally if you have followed all these rules you have one important advantage that Cars of Wirral unlike most dealers concede and that is we want to do a deal with you. If you have prepared properly and followed all our tips then you can always remind the dealer you have done everything you could possibly have done and to make the deal happen today could you give me an extra £100 or £200 for my part exchange.
Not every dealer will be able to as they have to assess if the deal is profitable for them to conduct but if you have done everything suggested here you have the very best chance of squeezing as much as you can price wise out of your own car.
If you are considering part exchanging your current vehicle we are able to provide you with a free, no obligation quote.
Please contact one of our Sales Consultants on 0151 647 7114 or complete our valuation form below.
We will contact you as soon as possible with the best possible price for your car.