Usually means: Trade old item for new.
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We found 9 dictionaries that define the word part exchange:

General (9 matching dictionaries)
  1. part exchange: Merriam-Webster.com
  2. part exchange: Oxford Learner's Dictionaries
  3. part-exchange, part-exchange, part exchange: Collins English Dictionary
  4. part-exchange: Wordnik
  5. part exchange: Cambridge Advanced Learner's Dictionary
  6. part-exchange, part exchange: Wiktionary
  7. Part exchange: Wikipedia, the Free Encyclopedia
  8. part-exchange, part exchange: Dictionary/thesaurus

Definitions from Wiktionary (part exchange)

noun:  A contract where one party pays money and supplies goods or services, and the other supplies goods or services in exchange.
verb:  (transitive) To supply (an item of goods), along with money, in exchange for other goods or services.

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