part exchange noun 1verb 1forms 3 noun1 •A contract where one party pays money and supplies goods or services, and the other supplies goods or services in exchange.When I bought my new car, it was a part exchange: I traded in my old car and paid some cash along with it. verb1 •To supply (an item of goods), along with money, in exchange for other goods or services. formspart exchanged · part exchanging · part exchanges