Why Should I Part Exchange My Car?

What is a part exchange:

Part exchanging is a great way to take the pressure and stress out of selling your car privately. It is essentially a secure way of replacing your old car with a new one with a trusted dealer, like us. You buy a new car and sell yours all in the same transaction so you can get behind the wheel of your new car faster.

If you are looking to buy a new vehicle, LMC offers a part exchange service where you can trade-in your existing vehicle as value towards the cost of your new vehicle. It’s simple, easy and hassle-free. 

We’ll accept any car, regardless of age, mileage or condition and will give you a fair, current market valuation. So if you’re looking for a great part exchange service in Essex or London, you’ve come to the right place. 

How does it work?

Part exchange your car with LMC in 4 simple steps!

Find your new car

Choose the perfect motor from the latest range of used cars in Essex on our website.

Complete our online vehicle valuation form

Fill in the free, no-obligation valuation form on this page with your details and some basic information about the vehicle you want to sell, such as make, model, year, condition and mileage.

Receive an offer

Once you have submitted the online form, you can expect a valuation in no time. If you are happy with the amount, you can move on to the final step.

Pay and drive away!

The valuation amount will be deducted from the price of the car you wish to buy. Leave your old motor with us and get behind the wheel of your new car!

It’s as easy as that!

What is a private sale:

A private sale is when you take out your own ad rather than using a car buying website, or going to a dealership. Many consider a private sale to get a higher price for their car, but many don’t think about the cost of running an advertisement, having people come to your home and pick apart the car, and not end up going ahead with the purchase (aka tyre kickers), and there is no guarantee of funds being transferred safely.

How to choose the best way to sell your car:

There are multiple options to sell your car, from selling privately- using online marketplaces like Gumtree, using eBay or other online auction sites, using an instant online car buyer or even for scrap.

Ultimately though, the best place for you to sell your car greatly depends on your circumstances, but most importantly time. 

To get the most accurate price, LMC provides a free, no-obligation valuation form to compare your car to other similar cars on the market. We handle the entire selling process assuring you that you’re selling your car to someone you can trust. You may get more through a private sale, however, this can cause unnecessary frustration and stress due to having to deal with messages, viewings etc. You’re also more likely to sell successfully by part-exchanging right now due to covid impacting private sales. 

When is it time to sell your car:

https://www.driveo.com/blog/time-to-sell-my-car/

Think realistically 
What is the time of year? Are you trying to sell a convertible in the winter? Then you most likely won’t get much interest or a good deal. 

Spring and summer
Prices for used cars tend to increase during the spring and summer months (March through August) and then start to decline as you approach the holiday season when people concentrate more on buying gifts than cars. 

Autumn and winter
SUVs and 4x4s tend to sell best in the autumn and winter, but since SUVs are a very popular choice for families, the season is less important.

September and March
During these two months, many people decide to trade up to a newer model, which results in a lot of used cars coming onto the market, significantly increasing competition. There is less competition for you if you sell in the month or two before either March or September.

Holidays and special occasions
Another good time to tap into the market is during certain holidays and even graduation as families will be out there potentially searching for a car to give as a gift. 

Age, Mileage and Safety

Times of the year don’t just matter either, as your car’s age and condition play a big part in answering this question. Selling a newer car will automatically give you more money, as it hasn’t depreciated in value over as long a time as an older car. 

Furthermore, the higher the number of miles that your car has completed, the lower the trade-in value of your car is likely to be. Selling your car when it has completed anything between 40,000 to 70,000 miles is often considered ideal. Once your car’s mileage hits six digits, its trade-in value will probably decrease further.

Selling your car is also a good option if you have an older vehicle with fewer safety features. Newer models will have advanced airbags, rearview cameras, side airbags, electronic stability control, better brakes and handling, blind-spot monitoring, forward collision alerts and lane departure warnings to name a few. Being and feeling safe while driving is so important, and older cars can’t match the standards of the latest safety features available now. 

What to do when I already have finance: 

https://www.moneyexpert.com/car-finance/sell-car-with-outstanding-finance/
Selling a car with outstanding finance can be tricky because technically you don’t own it, the finance company does. Here are some options if you’re really needing to sell your car whether that be because you’re struggling with finance repayments, or your circumstances have changed.

The first option is to contact your finance company and request a settlement valuation. If you have the funds you can pay the remainder off and once you’ve paid this settlement amount, the car is yours to do with as you like and sell as you wish.
Alternatively, you can get an online vehicle valuation with us and subtract the settlement figure provided to you by your finance lender. This is the amount of “equity” available in your car. If you end up with a positive figure, you can use this amount of money as a part exchange for your next car! If it’s negative, you’ll actually need to pay that amount of money on top of your new car’s price.
Here at LMC, in Thurrock we take care of all the paperwork and can even settle any outstanding finance left on your current car. However, when selling privately, all outstanding finance must be repaid. If you need help settling your current contract, our team is here to help. Contact us today to discuss your options.  

What things do you need to sell your car:

Before you get too excited and wrapped up in selling your old car, don’t forget about the essential paperwork needed to make that dream a reality. It’s essential to have these before buying your new vehicle:

For your part-exchange car:

The VC5 (log book)
MOT certificate
Two vehicle keys
Vehicle manual
Service book
Locking wheel nuts
For your finance company:

Driving licence
Passport
Bank statement or utility bill (dated within the last 90 days)
Part exchanging your car is a straightforward process, as long as you have everything with you. Just ensure everything is organised and keep all documentation in one place. 

Overall, part-exchanging your car can be a great way to immediately sell your old car and jump into a new one, all without having to attract buyers, arrange viewings and negotiate prices. Plus, trading your car in with a dealership is safe and secure. LMC is a trustworthy and reliable dealership that will endeavour to give you the best part exchange value on the market.