Meaning of “part exchange” in the English Dictionary

"part exchange" in British English

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(Definition of “part exchange” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"part exchange" in Business English

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part exchangenoun [ C or U ]

also part-exchange uk us 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.

part exchangeverb [ I or T ]

also part-exchange uk us COMMERCE

to buy a new object by giving your old one as part of the payment for it:

We part-exchanged our old car for a newer model.

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(Definition of “part exchange” from the Cambridge Business English Dictionary © Cambridge University Press)