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A car's age isn't the only thing that affects its value — how much it's been driven counts as well. But to what extent? Car-Worth can walk you through how mileage affects your car's value.
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Car value immediately drops the moment you drive it off the lot (by about $3000 dollars!). The rate of depreciation decreases as time marches forward, but the impact of each mile driven on your car’s value is not constant.
For the first three thousand miles, cars usually drop about $5,000-$10,000, so it averages out to around $1.50 to $3 per mile. After that, the price drop is lower, and can go from around $.25 to $.5 per mile.
While the miles a car is driven will impact its overall value, they aren’t the sole indicator of a car’s lifespan.
Mileage Doesn’t Determine A Car’s Lifespan
Mileage is only one indicator of a vehicle's condition. Usually, a vehicle that has covered more miles has more wear and tear, but a car with 60,000 miles on the odometer can easily be in worse shape than one with 120,000 miles.
Cars and trucks work best when they are constantly driven. Parts that don’t get regular use can become brittle and break more easily than those that see regular use. And a low-mileage car that hasn’t had regular maintenance can see more problems down the line.
Overall, a high-mileage vehicle that is driven frequently and has been well-maintained will be a more reliable bet.
New Age, New Tech, New Lease On Life
Once upon a time, the mileage “death” of a car used to be 100,000 miles. Those days are things of the past now.
With the advent of newer, better technology, vehicles can regularly see 200,000 miles before being taken off the road. With proper maintenance, some will even see 300,000 miles!
Regular maintenance is what makes or breaks (no pun intended) the life of a vehicle. Proper maintenance will have your vehicle running longer and retaining higher value than what it would hold if it were poorly maintained.
Ultimately, higher mileage vehicles will be assumed to have incurred more wear and tear than lower mileage vehicles because they’ve been driven more. This assumption then influences how buyers may value the car.
However, if a vehicle is maintained properly, then the mileage isn’t as great an indication of lower value. A professional mechanic can take a thorough look at your car and provide a proper insight into how much it could be worth.
Mileage, Value, and Car-Worth
If the mileage on your car spells “worse-for-wear,” never fear. Car-Worth specializes in providing fair market value for high-mileage, less-than-perfect cars. Car-Worth takes full advantage of the online landscape in order to maximize customer convenience.
You don’t even have to leave the comfort of your home in order to begin the process. After contacting us, you can connect with one of our associate buyers and get an offer for your vehicle in under 90 seconds.
After accepting the quote, we connect you with one of our towing partners within our national network. They can schedule a pickup within 24-48 hours, completely free of charge. The tow agent will put a check in your hand the moment the exchange is made, so the vehicle is off your hands and simultaneously replaced with money.
Convenience is a part of the customer experience that Car-Worth is absolutely dedicated to. Get an offer and let us make your life a little easier!
How Much Of A Difference Does Mileage Make To Car Value?
You can categorize car mileage into groups of 20,000 miles. Grouping them like this assists in calculating car mileage depreciation because, as a car passes from one group of 20,000 miles to the next, it loses an average of 20% of its current value.
What Is Worse: High Mileage Or Age?
Mileage typically translates as wear and tear on a vehicle’s components. While a car might be old, it does not necessarily mean it was being used, therefore the parts are likely to be in better condition than a car that has seen constant use for hundreds of thousands of miles.
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