Definition of part exchange noun from the Oxford Advanced Learner's Dictionary

 

part exchange

 noun
noun
BrE
 
; NAmE
 
[uncountable](British English) Cost and payment
 
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a way of buying something, such as a car, in which you give the old one as part of the payment for a more expensive one We'll take your car in part exchange. See related entries: Cost and payment

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