Posted on December 17, 2015

Could your current car help you pay for a new one?

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Today most of us try to be frugal in our day-to-day lives and this includes the cost of buying a new family car.

Some families struggle to find the cash to for a deposit and this makes buying a new car difficult; but did you know your current car could help you pay for a new one?

Though selling your car privately might seem like a good option, it can be very time-consuming and unreliable. If you really want to use your current car to help pay for a new one, you should look into car part exchange.

Car part exchange is essentially trading in your car to cover part or all of the deposit on a new car, and is a quick and easy option to save some money on your new purchase.

Here are some tips on part exchanging your car.

Understand your car’s value

The value of your car depends on a variety of factors and will vary between dealerships. By having a valuation estimate, you will be prepared to find the best car part exchange deal.

Research how much your car is sold for on private sites and dealerships to get an idea of what is might be worth. Remember, though, that other car valuations can only be seen as an example as valuations depend on the individual car.

Use a free online part exchange valuation tool

There are some free online tools to help you work out how much your car is worth, such as Stoneacre’s free online part exchange valuation tool.

This is a simple way to get an immediate value estimate just by using your car registration and mileage. There is no obligation when you use this tool, and it will tell you what your car could be worth.

It’s all in the details

Though you can gauge an estimated value of your car, the actual cost will depend on individual factors unique to your car. Along with the dealership, make and model of your car and its mileage, there are a number of other factors that can determine the final price.

Some of the variants of a car’s value in a part exchange include (but are not limited to) the age of the car, engine size, if it is petrol or diesel, its overall quality and any extras such as leather seats or in-car technology. In some cases, the colour of the car can even affect its value.

Something that can increase a car’s value is by having a full service history. If you can prove your car has been serviced on-time, every-time, and you have the full documentation, this will be a positive attribution which will be reflected in your final valuation.

Forget any emotional attachment to your car

Though you may think your car is one of a kind, to a dealership it is no different from the cars that came before and the cars that will come after. If you look at your car with emotional detachment you will be able to see what a dealer will see, and understanding its value will become easier.

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