How does part exchange work – FAQs:
What happens if I part exchange a faulty car?
When you sell a car to a dealer, it’s a private sale. This means the car has been sold as seen, and the dealer will have no comeback if you have part exchanged a faulty car. The question is more of a moral one – it’s advisable to tell the dealer about any issues before the part exchange deal has been completed.
Can you swap a car on finance for another car on finance?
Unfortunately not. All car finance deals are unique to you, and the vehicle you have financed so they cannot be swapped for another car. You need to negotiate a new finance deal to get another car on finance.
Can I part-exchange my car with outstanding finance?
You can part exchange your car with outstanding finance. You’ll need to bring the current settlement figure and information on the original finance deal. As the owner, get to know how much the car is worth for potential negotiations with the dealer.
Can I get my car back after part exchange?
Once the deal has been done, and you trade in your car, you cannot get your car back. The dealership now owns your car, and you will get money off a new purchase.
Do you still need a deposit with part exchange?
Whether you still need a deposit for your new purchase depends on your situation. If you’re in negative equity and part exchange your car, you’ll have to pay the difference and the deposit for your next car. If you have positive equity, this acts as the deposit and can be brought forward against the next car.
By selling your car quickly to IsYourCarAvailable, you will have cash available for your next car, whether you buy one outright or through finance.
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How do you negotiate with part exchange?
Part exchanging your car isn’t the only option. If you’re unhappy with the price offered and want more money for your car, consider selling privately or using online car-buying services.
IsYourCarAvailable can buy your car following an online valuation and a quick vehicle appraisal. We transfer the funds into your bank account which you can put towards a new vehicle. It’s a simple process and will help you sell your car quickly. We’re known for offering customers the best deal, and we can settle any existing finance on your current car.
Deciding whether to part exchange or sell your car depends on your situation. Whatever route you take, we hope this article has helped equip you with knowledge on what you need to part exchange your car. Our team are always on hand to answer any questions you may have, we can be contacted online or by phone at 0800 093 4240.