AUTO VALUE GUIDE ..BEFORE WE LOOK UP..CLEARING UP SOME CONFUSION AND SOME DEFINITION OF TERMS!
THERE ARE MANY DIFFERENT "VALUES" BANDIED ABOUT WHEN TALKING ABOUT A CAR'S VALUE!.Mileage Adjustments
This is a fascinating subject because it has such a huge effect on the vehicles value
The concept of low mileage as better than high mileage has a simplistic appeal that has resonated with car buyers since the horse and buggy days
One of the things that has changed since the brass and polish days of the motorcar, and indeed since the 70's -80's is the better and better quality of used cars and their durability increases.
The prevalence of fuel injection most notably since the 80s has made a 200,000 + mile service life highly possible with decent overall up keep of a car
In temperate climates this can be even higher due to lack of corrosion
Premium brands such as Mercedes? Volvo ? etc. 300k 400k is normal
People don't consider this upkeep in regard to the lust for low mileage
All cars have recommended service intervals
So lets say you are looking at 2 identical model cars ; one with 80,000 miles vs one with 110,000 miles.
Most would go for the 80k car..but what if the manufacturer calls for a timing belt replacement at 90k ?,a strut replacement at 100k ? and you determine the vehicle has the original clutch and exhaust; both of which have never been replaced and are living on borrowed time.
Of course if the higher mileage vehicle had this service done as required it is no contest the better buy and will probably be cheaper too because the book value will be lower reflecting the public refusal to give up on the idea of the low mileage car as a superior object
In my experience peoples infatuation with low miles would cause them to overlook the logical best buy of the example above and most would still pick the low mileage car needing thousands in repairs imminently
Low mileage as better is a self perpetuating myth
Many people [especially older] will not even consider a car with over 100k
My Canadian friend tells me that in that country [which uses kilometers] cars with over 100k kilometers are hard to sell..but 100k kilometers is around 80k miles
See how much of a fashion statement this is ? anything over 100 is bad
It seemed logical even to me years ago ..but experience has proven to me that maintainence and use vs. abuse is way more important determinant of a cars life expectancy than the odometer
Mileage does determine one thing big time ...with no dispute.
Value !
I mentioned that the public believes in this urban myth of low miles as best and because of that the whole system revolves around it.
Many New Car Dealers have a used car department policy that they will only sell low mileage cars.
This is a great marketing strategy for them as they can ask top dollar for these "premium" "select" "certified" or whatever the popular term is for these creampuffs.
If they took them in as a trade they may not have paid much for them
Many used car dealers seek to compete with this kind of merchandise
Low mileage cars bring top dollar at the wholesale auctions
Ebay and other online venues get top dollar for low mileage vehicles possibly because people feel more comfortable buying a low mileage car sight unseen
All this demand for low mileage cars from the car business is at odds with several counter trends
cars last longer -need less repairs-and people are keeping the old cars longer than ever due to the economy and racking up more and more miles
Result ?there is a perpetual shortage of this merchandise
When you calculate your value don't forget to add for low miles not just use the standard value !
Of course if your car has high miles as indicated by the data base you have to take the right deduction and subtract it from the base value
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Appraisal Databases
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