If you are looking to buy a new or used car from a garage then they may give you the option to part exchange yours in. Park exchanging is when you hand over your old car to the garage and they use the money they give you as a part payment towards a new car. You can sometimes even part exchange your car when it has outstanding finance on it as they will obtain a settlement fee from the finance company and include this in the price.
There are many advantages to part exchanging your car such as cutting out all the hassle of having to try an sell it privately, not having to spend ages cleaning it and getting ready for sale and not having to worry about letting people test drive it etc. The one downside to part exchanging your vehicle is that you usually do not get as much money for it as you would if you sold it privately. Depending on the make and model and also the age and mileage, this could range from a few hundred pounds to a couple of thousand pounds difference in price. Some people don’t mind getting a little less for it in in part exchange to cut out on all the hassle.