Usually means: Trade old item for new.
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We found 4 dictionaries that define the word part-exchange:

General (4 matching dictionaries)
  1. part-exchange, part-exchange: Collins English Dictionary
  2. part-exchange: Wordnik
  3. part-exchange: Wiktionary
  4. part-exchange: Dictionary/thesaurus

Definitions from Wiktionary (part-exchange)

verb:  (transitive) Alternative form of part exchange [(transitive) To supply (an item of goods), along with money, in exchange for other goods or services.]

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