When buying or selling a used car, it is important to pay attention to the mileage as this can have a major impact on the vehicle’s overall value. Mileage has a large impact on the value of a vehicle because it gives buyers an idea of how much maintenance has been and will be needed for the vehicle. To make things easier, mileage has been broken down into three milestones which have a direct impact on the resale price of the car. In order to get the best price for your vehicle, it is important to either sell or buy your car well before its next milestone.
Milestones for newer models require some maintenance
The first milestone a car reaches is between 30,000-40,000 miles when a vehicle should be due for its first major maintenance. In addition to maintenance, other parts such as the tires or brakes may begin to wear out and need to be replaced or repaired. Before buying or selling a car in this range, it is important to ensure that the proper maintenance has been performed on the vehicle.
The next milestone is the 60,000-70,000 mile range. Once a car reaches this mileage, it’s safe to assume that it will need new tires and brakes. Other parts may have worn out by this time as well, especially cars with timing belts. If your car functions with a timing belt, it’s very important that the belt is replaced around this time to avoid it snapping and causing serious engine damage.
Read more: Common Used Car-Shopping Mistakes]
Impact of high mileage on a car’s value
Cars these days are becoming more reliable, so a car that reaches the milestone of 100,000 may still have a decent amount of running time left. However, reaching 100,000 causes the value of your car to have a significant decrease. To avoid this, it’s best to sell your car a few thousand miles before it reaches this milestone. After the 100,000 mark, maintenance is known to become more frequent and repetitive.
It can be difficult to sell a vehicle after it passes the 100,000 mileage mark, as maintenance is frequent and the exterior and interior are likely to be showing its wear and tear. Cars with mileage over 100,000 are projected to need major service every 30,000 to 40,0000 miles, so it’s a good idea to trade it in before that becomes the case.
While this may be the case for older cars with high mileage, newer models with higher mileage tend to run longer than their predecessors. The purchase of high mileage vehicles also goes a long way in saving the buyer their hard-earned cash, especially if it is a short-term vehicle.
If you’re interested in buying a used car, check out our inventory of used vehicles to find the right match for you.