part exchange
"Part exchange" is commonly used in retail and real estate, allowing buyers to trade in an old item as partial payment for a new one.
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Definition
B2Retail
(common)A method where a buyer trades in an item they own as part of the payment for a new item.
Example
- He used his old car in part exchange for a new model.
C1Real Estate
(technical)A transaction where an old property is traded in as partial payment towards the purchase of a new property.
Example
- They offered their current house in part exchange for a larger one.
Similar
Terms that have similar or relatively close meanings to "part exchange":
in exchangestraight tradetrade downexchange of contractsexchange contractsswap inforeign exchangetime tradeswitch outsale or return