There are many factors that can drive down the value of your car. One of the biggest factors is mileage. If you are looking to sell your car, one of the first things taken into consideration is mileage, both privately or through a dealership. It’s important to know when the right time to sell your vehicle is to make the most of it.
Why Does Mileage Bring Down the Value of Your Car?
Mileage is quite self-explanatory, it indicates the number of miles done since the car left the factory. It also indicates the possible wear and tears on components on the vehicle including the gearbox and engine.
When it comes to selling your car, the number of miles is taken into consideration when coming up with the value. Cars that have a number of miles above the average are usually worth less than cars that have a number of miles below average. This is because the car is more likely to have mechanical faults that could occur in the near future.
The average number of miles driven within a year is 12,000 miles.
When Should I Sell My Car?
Although you can sell a car with high mileage, it can be a bit of a nightmare. The higher the mileage the less desirable the car becomes, making it harder to sell. It’s unlikely that you will get the same price as an equivalent model (but with lower miles). However, if the price is right for you, it may just be easier to get it gone.
But when is the right time to sell your car according to mileage? It’s best to sell your vehicle between 60,000 and 100,000 miles. Here’s why:
60,000 - 100,000
At 60,000 - 100,000 miles, this can be a good time to sell your car, if you are looking to get the best price. Around this time, it’s likely that the car has had a few repairs to keep it running. However, the closer to 100,000 miles it gets, the possibility of it breaking down and not being drivable anymore increases.
At 100,000 miles, this is most commonly where the value of your car drops quite considerably. Even if the car has no problems, cars become less desirable with a mileage of over 100,000. If you are selling a car with a clock showing 100,000+, dealerships will sell your car at auction rather than keeping it on the forecourt. At 150,000, chances are the car is no longer running and would be sold for scrap.
At a specific number of miles, different components need to be replaced, which incurs extra charges. If you are selling your car and components need replacing, this can bring down the value of your car. Here are a few common examples, how often they need to be replaced and how much it would cost, according to AutoeBid
- Tyres - every 20,000 miles - £350 to 500
- Clutch and flywheel - 100,00 miles - £800 to £900
- Brake discs - 40,000 - £80 to £120
- Brake pads - 20,000 - £80 to £150
- Cambelt and water pump - stated in the manufacturer guide - £300 to £350
Interested in selling your car, enter your reg and mileage below and start your free, no-obligation quote today. For more tips and advice, check out our blog page or follow us on Instagram or Facebook.