Can i part exchange my car for a cheaper car

It is always a good idea to get a general feel of how much your car is worth before going in to a car dealership to discuss part exchange otherwise you may get completely ripped off.

Always remember the price they offer at the dealer for your part exchange is allowing some profit out of their car, so if you were to sell it privately you can get the discount off your new car which they had previously allowed to bolt on your part ex to make it sound more attractive. You can get a free valuation from www. Considering selling your car privately? If you have any questions on this then please do give us a shout — we are happy to help you decide the best option for you.

What exactly is part exchange? Disadvantages Part exchanging your vehicle is by far the easiest option but this can be reflected in the amount you are offered for a vehicle. You can then keep the car or sell it. As It Still Runs points out, if you don't like your new car or the high monthly payments that come with it, you can trade it in for a cheaper model.

You might have to pay some fees and taxes, but there are steps you can take to make the process more pleasant. When you return your vehicle to the dealership to trade it in, the dealer will inspect the car to determine its trade-in value.

The dealer will consider the following:. If your trade-in is financed and you have equity, the dealer will pay the remainder of the loan and subtract the equity from the price of the less expensive car.

If the equity of your trade-in exceeds the price of the car your trading for, the dealer will cut you a check for the difference. It Still Runs notes that many dealerships will allow you to return the vehicle within a specified period. If you take your car back to the dealership within this time, the dealer will terminate the new car loan or offer you a refund, which you can use to purchase a less expensive vehicle.

Having equity in your trade-in vehicle helps a lot if you're looking to swap it out for a cheaper car. You have an advantage if the car's value is equal to or more than the amount left to be paid on the loan.

If you're upside down on your payments, then you have negative equity. CarsDirect notes that many drivers don't realize that negative equity is an issue until they try to trade in a car.

If you have negative equity in your vehicle, you can do one of the following:. Before you buy a cheaper car, determine if you even need a car in the first place. Your city might offer reliable public transportation that makes owning a car unnecessary. If you do have to buy a car , make sure that it meets your driving needs without exceeding your budget. While a cheaper car doesn't have to be a permanent solution, it can help get your finances back on track.

For any feedback or correction requests please contact us at research caranddriver. New Cars. Search Reset. Smart Search Reset. Part Exchange. Part-exchanging your car couldn't be any easier Get a FREE instant vehicle valuation online in minutes. Part-exchange with the North West's number one used car supermarket Here at Motor Range, part-exchanging your car is simple, quick and completely hassle free.

We accept any vehicle in part exchange. Why part-exchange? How does part-exchange work? Can I part-exchange my car on finance? Can I part-exchange my car for a cheaper one? What information do I need to part-exchange my car? How can I get a valuation in Liverpool?