What is the difference between part-exchange, trade-in, and private sale value?

These terms get used loosely, but they represent genuinely different figures — and confusing them is one of the most common reasons sellers end up disappointed with an offer.

The three value types:

• Private sale value — what you could realistically get selling directly to another individual, typically the highest of the three figures, since you're not paying a dealer's margin or overheads. It's also usually the slowest, since you need to find and vet a genuine buyer yourself.
• Part-exchange / trade-in value — these two terms mean the same thing: the amount a dealer will knock off a new or used car's price in exchange for your current car. It's convenient — no advertising, viewings, or private-sale hassle — but lower than private sale value, since the dealer needs margin to resell your car at a profit.
• Dealer forecourt price — this is a different thing entirely: it's what you'd pay as a buyer to purchase a similar used car from a dealer, not what you'd receive as a seller. It's easy to compare this to a part-exchange offer and feel shortchanged, but the two aren't measuring the same transaction.

Is part-exchange worth it?

It depends what you value more — convenience or maximum return. Part-exchange saves time, avoids the effort and slight risk of dealing with private buyers, and simplifies the transaction into one step. But you're typically trading a meaningful chunk of value for that convenience, so it's worth at least knowing your car's private sale value before accepting a part-exchange offer, even if you ultimately choose convenience over the extra money.