Ⅰ.
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.
Ⅱ.
part exchange UK US (also part-exchange ) verb [I or T] 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.
Financial and business terms. 2012.