There are perks to both selling your vehicle or part exchanging it for a new one. However it all really depends on the circumstances. There are advantages and disadvantages to both.
For us, if you’re buying a new car from a dealer then your best bet is to part exchange it against your new one. But if you’re buying a new car privately then perhaps you should also sell your old vehicle this way.
Part Exchanging your vehicle is an easy and hassle free option. It cuts out advertising the vehicle, dealing with prospective buyers or time wasters and it’s definitely a quick way of selling your old vehicle. The price of your old vehicle is also taken out of the value of your new car which gives you a discounted cost all in all. Also, as a customer you are probably in better hands with a reputable dealer. Although part exchanging your vehicle has many advantages, you may get a higher price if you decide to sell.
Some people choose to sell their car before looking to get another one so they have the money there to do with it what they wish. If you’re looking for bad credit car finance then you may get a better return on a private car sale to try and reduce monthly payments for your new car. Typically, you can either sell your vehicle privately, sell it straight to the dealer for an agreed sum or you could go down the sale or return route. This is where the dealer takes your vehicle but no money is exchanged until it is sold by them. If the vehicle is not sold after an agreed timescale then the vehicle will be returned back to the seller. This can be a good idea if you’re not too concerned about a quick sale. But, if you hold out and drop the price you may end up receiving less money than the part exchange offer as the dealer will want to take a cut of the sale price.
To either sell your car or part exchange it you should do your research for what your vehicle is worth. If you don’t know yourself then have someone look over it for you so you have a rough idea. Check its service history, mileage and the overall condition of the car. Whether you opt to sell or part ex, you must any paperwork with you such as service history and MOT certificates. If you have either of these then the value of your car will retain the recommended sale value.
Whatever you do decide to do, remember, you can walk away from the deal if you aren’t satisfied with the price.
We expect more than 51% of our customers to achieve this rate.
|Loan Amount||Total Cost of Credit||Representative APR||48 Monthly Payments||Deposit Amount||Loan Term||Total Amount Payable|
|£7,500||£3019.16||19.1% APR||£219.77||£0||48 Months||£10,519.16|
We are a broker not a lender and our registered office is Trident Park, Trident Way, Blackburn BB1 3NU. Our contact number is 01254 919000