Definition of part exchange in English English dictionary
If you give an old item in part exchange for something you are buying, the seller accepts the old item as part of the payment, so you do not have to give them as much money. Electrical retailers will often take away old appliances if you buy a new one, sometimes in part-exchange. a way of buying a new car, television etc in which you give your old car, television etc as part of the payment American Equivalent: trade in