Part exchange my car UK: pros, cons and your 2 best alternatives

Part exchanging your car is definitely the easiest option, but you'll also get a rubbish price.

When most of us buy a new car we’re faced with the conundrum of what to do with our old motor.

If you’re in this position, you have many different options, from selling it yourself privately to selling it to a car-buying website.

Another common option is to hand over the keys to the dealer when buying your new car in return for a reduced fee.

This practice is called part exchanging, and there are plenty of pros and cons to be aware of if this is what you’re thinking of doing.

We’ll start with the reasons why part ex is a good idea.

Why should I part exchange my car?

I personally chose to part exchange my car when I last changed motors.

If I’m honest, my main motivation was that it was the easiest option.

All you have to do is find the new car you want to buy.

The dealer will usually offer some form of part exchange, where you knock some pounds off the purchase price for that new motor by trading in your current car.

You don’t need to create a listing to sell your car, arrange visits from prospective buyers or haggle over a sale price.

What’s more, the part exchange will generally take place on the same day that you pick up the new motor, meaning there is no gap or overlap.

You won’t have to make do for a couple of days without a motor if you sell your existing car and have to wait to purchase your new one.

That also means there’s no overlap period where you have to find space to park two cars at your home before you complete the sale of your old motor.

You also won’t have to negotiate a price with a prospective buyer of your car – something that many people don’t feel comfortable doing.

In essence, part-exchanging can be an attractive option because it’s quick and simple.

There’s very little work involved on your part, and it’s all handled within a very short timeframe.

Man holding car keys (Image: Jay Lamping from Pixabay)

Why shouldn’t I part exchange my car?

The reality is it’s really easy for a reason: it’s a really good deal for the dealer and a bad deal for you.

In fact, if you’re looking to get the best price for your old car, part exchange is probably the worst option you can choose.

Keep in mind that the dealer is a business, and so will want to get something back from your old motor.

That means selling it on to someone else for more than they paid for it.

As a result, part-exchanging always means that you’ll be accepting less than it’s really worth.

Dealers can – and often do – milk this situation, knowing that you already have your heart set on the new motor.

Because you are effectively committed, some dealers will offer the bare minimum for a part exchange, since they don’t believe it’s very likely that you’ll actually walk away from the deal.

This is particularly true if they think that selling your old car is going to be a hassle.

If it’s not something they would normally sell, then they will need to find another dealer to take it off their hands, and this additional work could result in them undercutting the amount they will give you for your used car even further.

What’s more, part-exchanging can mean even more negotiating than you feel comfortable with.

After all, you might find that you not only have to haggle over the price of the new car but also over what you think is an acceptable price for the vehicle you’re part-exchanging.

Part exchange my car alternative #1: selling direct

Clearly, part-exchanging is not going to be a great option for everyone. So what are the alternatives?

If you’re determined to get the highest possible sum for your car, then you will need to sell it directly to another driver.

That means listing it on sites like AutoTrader (read our tips for getting the best price here), or marketplaces like Facebook Marketplace.

You will be responsible for building the best possible listing, including the photos that paint the vehicle in the best light.

It will then be up to you to handle all of the negotiations with interested buyers, which could include setting time aside for them to see the car in person or take it for a test drive.

While this might secure you the highest sum, there’s no escaping the fact that it’s going to involve a lot of work.

It can also be a protracted experience, while you wait to drum up interest from the right buyer.

This delay can then have a knock-on effect on your ability to secure the new car that you’re planning to buy.

Part exchange my car alternative #2: car-buying sites

Another option is to make use of a car-buying website.

These have become far more prevalent in recent years, and include the likes of Motorway, Webuyanycar and Cazoo.

Car-buying sites have become more popular with those selling a car because they offer the simplicity of a part exchange, but with the ability to make more money for your vehicle.

The sites act as middlemen, connecting you with dealerships across the country.

The dealers effectively bid for your old car, based on the details and photos you share, and then you can pick the price you’re happy to accept.

Obviously, it’s important to remember that you’ll never get the absolute maximum price by going down this route.

The dealers will want to sell the cars on again for a profit, after all.

However, the fact that they don’t view you as being ‘committed’ to dealing with them, as might be the case with a part exchange, means you will get a better price as does the competition from other deals.

After all, if they bid too little, they won’t be able to secure your motor.

The simplicity offered by a car-buying website is a big appeal too.

There’s no need to worry about waiting weeks for potential buyers to see your advert.

Instead, you have effectively a guaranteed sale within just a few days.

What’s more, some car-buying sites will come and pick up the vehicle from your home so you don’t even need to worry about heading off to a dealership to drop it off.

It’s important to do your homework on the fees involved with the car-buying site you’re considering using, as well as how set in stone the price you’re being offered is.

Some dealers will want to see the car in person, to ensure there aren’t any hidden issues, before committing to a final price, for example.

However, car-buying sites offer the simplicity and ease of part-exchanging your car, but with the promise of a higher price, making them an attractive proposition worth considering for anyone looking to sell their old motor.

Want to learn more? Below is a list of all the main car-buying sites, including a link to our review of each plus a direct link to their site so you can get a quote.

Read our Cazoo review or go and get your Cazoo quote now

Read our Wewantanycar review or go and get a quote

Read our Evans Halshaw review or go and get a quote

Read our Webuyanycar review or go and get a quote

Read our Money4yourmotor review or go and get a quote

Read our Motorway review or go and get a quote

Read our Arnold Clark review or go and get a quote

Read our Carwow review or go and get a quote