When organising the purchase of a new or used Toyota, many customers will have an existing vehicle that they want to trade in. But have you ever wondered how a fair part-exchange deal is agreed upon if the entire transaction is conducted online? This article will explain the process in a straightforward, step-by-step format.
Part-exchange: step one
The first step is to decide if you want to purchase a new or used (see arrow) Toyota. This can be selected from the tabs at the top of the page.
- If it is a new model, use the online configurator tool to select the model, grade, engine, colour and optional accessories of your choice. Once you are happy with the specification details and on-the-road price, you will need to decide whether you want to pay in cash (a one-off transfer) or create a finance agreement.
- If it is a Toyota Approved Used model, use the comprehensive tool to conduct a vehicle search based on up to 12 key preferences. When you have identified the vehicle of your choice and are happy with the price, select the ‘Buy Online’ tab (where applicable) and personalise your finance details.
Now that you have decided on your new or used vehicle and how it will be purchased, this is the point at which the vehicle for part-exchange is included in the arrangement. Click on the ‘Part Exchange’ tab and begin the valuation process by entering the vehicle’s registration and current mileage.
In order to create a more accurate guide estimation of your vehicle’s part-exchange value, it is now necessary to answer specific questions about the condition of your vehicle. This includes the overall condition (excellent, good, average, below average, poor), number of previous owners, MoT status, how well it runs, the number of keys you possess, and whether the vehicle has any outstanding finance associated with it.
- Please note that honest answers are essential when completing these quality questions because the valuation will only be guaranteed after an appraisal has been completed at a Toyota dealership. We need to confirm that the vehicle’s condition is consistent with the information presented during the online valuation. This will take place on the day of the collection of your new or used vehicle.
If you are satisfied with the part-exchange valuation, the vehicle can now be included in the new or used car purchase by clicking the ‘Add to Deal’ tab.
With all the details now laid out in front of you, this step represents your final opportunity to make alterations to any finance agreement you commenced in step one.
Now that you are happy with all the applicable terms and conditions, as well as the duration and monthly cost of any finance arrangement, you can go ahead and follow the online checkout procedure. It is only at this point that you must input your contact details so Toyota’s online retail team will be able to take you through some final identification checks and arrange for all forms and finance agreements to be e-signed.
Approximately one week before the handover of your new or approved used Toyota, you will be invited to an official appraisal of the condition of the part-exchange vehicle.
In most cases, this is conducted in-person at the Toyota centre that is organising your future vehicle. However, it can also be carried out remotely by video call if you are not local, are shielding, or under government restrictions where the journey would be classed as non-essential travel.
If the condition of the vehicle is consistent with that of the owner’s online description (step three), and if no further damage has been suffered in the meantime, the original guide estimation will stand.
This is the step you will have been waiting for – the collection or delivery of your new Toyota. The handover can be arranged at a time and date that is suitable for you. Just don’t forget to bring the V5 document (log book) and all paperwork related to your part-exchange vehicle.