Business and Management

What Are The Reasons To Part Exchange Your Car?

Part exchange is a process where two or more vehicles of the same type are exchanged for another vehicle of a different type. It can be used to upgrade from a small car to a larger one, or to downsize from a large car to a smaller one. 

The main advantage of part exchange is that it saves money. You can compare part exchange with leasing in that both involve an agreement between the buyer and the seller, but the main difference is that leasing requires the underlying asset (the car) to continue to be used by the lessee after the lease has ended, whereas part exchange allows you to sell the replaced vehicle back to the original owner. You can also download the Price My Car app to know the exact valuation of your car.

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If you're thinking about trading in your vehicle, here are two reasons you should part exchange it with your local car dealership.

Get a New Vehicle- One of the biggest benefits of part exchanging is that you can get a brand new vehicle at no cost or at a significantly discounted price. Car dealerships typically have a large selection of new vehicles to choose from, and most will offer you a substantial discount on your current trade-in value.

Save Money On Your Auto Loan- If you're paying monthly payments on your auto loan, part exchanging can save you money each month. Dealerships typically offer significantly reduced rates when you trade in your vehicle. Plus, many lenders offer additional incentives such as 0% financing or extended warranty coverage when you trade in your car.