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SHOULD I PART EXCHANGE MY OLD CAR?
 It depends. You'll probably get a higher price by selling it privately through the classifieds, but do you want the hassle? Alternatively, it's simple to trade it in at a dealer, but can you afford to take a lower price? It's your call. Think about auctions and independent used dealers only as a last resort, or if you are in a (wallet) tearing hurry.
How does the part-exchange deal work?
It's very simple. The dealer makes you an offer to take your existing car off your hands, provided you buy the new car from him or her. However, the waters can become muddied. Use this example:
The car you want to buy has a list price of £15,000. Your car has a trade-in value of £5,000. Dealer A says he'll give you £7,000 for your car, which makes you feel good, and offers you a £500 discount on the new car. Meanwhile, Dealer B bids just £5,000 for your car but will sell you the new car for £13,000. And Dealer C... you get the idea. It can be confusing, but it needn't be. One simple phrase clarifies it - 'cost to change'.
'Cost to change' is the dealer's best price for your existing car, subtracted from the dealer's best price for the new car. In other words, it's the amount you'll need to find to drive off in the new car. By asking for the cost to change, you level the playing field, making it easy to compare different deals. 'Cost to change' is a phrase is recognised by dealers everywhere and they'll immediately regard you as a serious, clued-up buyer if you ask them to work it for you.
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NEXT: HOW CAN I GET THE BEST PRICE FOR MY EXISTING CAR?
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BACK TO BUYING A CAR HOMEPAGE
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