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English definition of “part exchange”

part exchange

noun [C or U] (also part-exchange )     UK COMMERCE
a way of buying a new object by giving your old one as part of the payment for it: in part exchange (for sth) The store took my old lap-top computer in part exchange for a later model. Over 50% of house sales in the area involved part exchange deals.
(Definition of part exchange noun from the Cambridge Business English Dictionary © Cambridge University Press)
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