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Mileage Milestones Affect Used Car Pricing

Mileage Milestones Affect Used Car Pricing

There are a number of factors which determine used car pricing like vehicle age and engine size. Mileage is also important, especially since it depreciates as soon as it's driven off of the lot, but not just total miles driven. Mileage milestones, as described by Edmunds.com, occur about every 35,000 and should be kept in mind when looking to buy or sell a used vehicle.

30,000-40,000 Miles

Two separate events occur in this mileage range for most new and leased vehicles. Most vehicle warranties are for 3 years or 36,000 miles, whichever comes first. This is also the recommended time for a vehicle's first major servicing which can run about $350. As such, just before 36,000 is a common time for people who own or lease to return the vehicle and move on to a newer model.

60,000-70,000 Miles

A major vehicle servicing is often necessary around 60,000 miles. At this point tires and brakes will normally need to be replaced. Timing belts are also more likely to break around this time which is a $300 expense all by itself. For used vehicle buyers, look at the required maintenance for the make and model you're interested in and factor that in to the price you're willing to pay.

100,000 Miles

In the past, a vehicle with 100,000 miles was perceived by consumers to be over-the-hill and not worth much value. That perception has changed and the reality is that vehicles are barely in their prime and ready for another 100,000 miles. Vehicle prices however, often drop precociously which is why older cars and trucks are sold around 95,000 online and at dealers.

Over 100,000 Miles

According to Edmunds, vehicles over 100,000 miles have obvious signs of wear and tear inside and out. The service schedule starts over with additional repairs needed as parts fail. Vehicles in the last stages of life can still be reliable but keep mileage milestones in mind when looking to buy or sell a used or leased automobile.

Image by: Marc Tarlock