How much value in low mileage vehicles?

[Bluestream]

Ok, here is the question: If you had two vehicles that were the same year, same options and condition, how much extra value would the vehicle with lower mileage have?

For example: 2000 VW, one has 50,000 miles, one has 95,000 miles. How much extra would you pay for the lower mileage vehicle.

(assume the only difference is the mileage)

 

[mongo161]

Hard to say. If the vehicle with 95K was well maintained and driven every day, including long trips, it may be in MUCH better shape than a vehicle with low mileage, not maintained well, lots of short trips and neglected.

The gem is in the eye of the evaluator....if it's possible to evaluate.

 

[needsducktape]

Which ever one is the better value.

It will totally depend on the owners as well -If the 50K mile car is owned by someone who seems oblivious to keep ing up with maintenance -or sounds like a weasel. Than I wouldn't pay anything extra.

I think I need to see the prices before I decide- As a general rule of thumb -I run everything by EBAY. Plug the cars in and see what is selling and at what price. This will give you an idea of the value.

I've paid a two thousand bucks for a car and felt ripped off -and I've paid $10,000 for another car and felt like I stole it. Its all relative to what similar model/year/options are selling at.

Side note: If you are in fact looking at a VW, I wouldn't go near either without paperwork. HIGH MAINTENANCE COSTS. Also, go to VW forums -find out their quirks (sometimes year to year quirks) I've owned an Audi A4 1 owner before me EVERY record BY THE BOOK & DEALER maintained....and it was still a nightmare. I cried uncle after 1.5 years and 24K

 

[johnachak]

Nothing, they're Vw's

 

[The motor guy]

mongo has a good point. It depends on how the vehicle was driven. If the 95k vehicle was driven long distances down the highway then I would probably pick that one instead of the short trip city driven one with 50k. Less wear and tear on the highway driven one. Seats, ignition, transmission, starter. etc. Now if both cars were driven in the same conditions and the lower mileage car just wasn't driven as frequently to accumulate the mileage then I would pay more for it. Say for example it was a 4000 dollar car then I would pay maybe 5000 dollars for the low mileage car.

 

[Bluestream]

Ok, I see what you are trying to tell me. I should have been more clear on this... Assume both vehicles were owend by the same person and maintained in the same identicle way. No other differences other than the mileage. How much more would you pay for the lower mileage vehicle?

 

[gathermewool]

Not enough info. As others have said, maintenance and service history are what matters. I like older, garage-kept vehicles that were over-maintained. Timing belt done based on time, not mileage? Check! Fluids changed frequently? Check! And etc.

In other words, the 50kmi vehicle may have been a summer-only car, while the 95kmi vehicle was a year-round DD. They may both have the same service history, but the lower mileage vehicle would be the obvious winner, all else being equal. There are many other scenarios where the higher mileage vehicle would be the obvious winner, too, though.

 

[HTSS_TR]

Same year, same options and same conditions, cosmetically and mechanically, then you add 5-10 cents a miles for the low mileage car. The 50k miles car should demand $2500 to $5000 more than the 95k miles car.

 

[JHZR2]

In a recent model car, I wouldnt buy either - they are both poor values because you have to account for the large amount of near-term service that will be necessary in the next 30-50k miles.

Something that was solely used on the highway would be the best bet... But there is no certainty unless you really have seen and experienced the history of the vehicle.

 

[hattaresguy]

It depends I recently saw a sub 3k mile 300SD sell for $25k, I would have paid that for it in a second if I was in the market.

For a 250k mile meh example, $3k.

 

[JHZR2]

Originally Posted By: hattaresguy
It depends I recently saw a sub 3k mile 300SD sell for $25k, I would have paid that for it in a second if I was in the market.

For a 250k mile meh example, $3k.


Yeah, I was going to use MB diesels as an example, but they are a niche market and 30 years old now.

In an OLD car, id rather the lowest mileage I can find, as any rubber or dry outs would be more managable than heavy wear and tear, rust, etc.

But that's a different game...

 

[Bluestream]

I should have given some more info. Basically I can sell my VW for $4,000, and have a chance to buy a similar car with less miles and was wondering how much to offer for it. I was thinking $4500 or $500 more than my car. Reason being both are 2000MY and the mileage is not all that important???

 

[eljefino]

Look up "Gresham's Law" and how it applies to "good" used cars.

A well maintained 11 year old VW with under 100k is still a good car. But you'll be hard pressed to sell it. Prospective buyer comes, sees other VW in the driveway, sees you like VWs, but "what's wrong with this one?"

Similarly, someone else really hates a car with under 50k?

I have a philosophical theory that if life's going good and one wants more challenge/ excitement, they seek it out. Do you want to rock the boat?

 

[Bluestream]

Originally Posted By: eljefino
Similarly, someone else really hates a car with under 50k?


In this case the owner has had an injury and can no longer drive...

 

[Hokiefyd]

I went through a similar experience when I bought my CR-V. I looked at and drove a 2007 model with 85k miles on it at the Honda dealer in town. It seemed to drive nice and tight, but when looking under the hood, I could see small areas of white/corrosion on the alternator and some metal pipes. A closer inspection of the Carfax revealed it to be an upstate NY car. No thanks on that.

The CR-V I did buy is a 2008 model with half the miles for near the same price. It was actually about $900 more. But it was a local one-owner originally sold and purchased at the same Honda dealer from where I bought it. So not only did the car have half the miles and otherwise similar condition, but the dealer had all the maintenance records for it.

I paid $900 more for the car with half the miles. But I'd have paid $900 more just for the local car with the records also. I can't really put a number on how much the reduction in miles was worth to me. It's really a total package.

I agree with others that a blanket assessment is hard to make without a lot of other information. So many factors involved here.

 

[CharBaby]

Maintenance records are very important in selling/buying a used vehicle. Car-Fax or the like, is just as important as a "not" clean carfax stays with the vehicle it's whole life.

I always take with me, one of my car buddys' and those in the know like myself. And they take me along as well when looking at vehicles. It help us all come up with the correct choices as we discuss the whole vehicle, what it's really worth, what repairs it needs or may need etc. We're not trying to double team the seller, just trying to make the best choices.

My buddy came with me when choosing a car for my daughter as I did with him. We both came up with good choices for our kids(the kids having the final say). Don't want them driving a car that they'll hate.

Basicly, average or above average miles on the vehicles we chose but, the maintenance records/carfax were in order and the cars were in nice condition with some minor father-izing to be done.

 

[surfstar]

Edmunds.com takes a nice hit off your resale for higher mileage vehicles. I'd say that's as good an 'official' estimate as you'd get.

I paid ~$1200 more for a '05 vehicle with 80k miles vs 142k last week.

 

[LS2JSTS]

I'm playing with the idea of selling my GTO for something from the blue oval and just ran my numbers at KBB.

The car has just under 6,000 miles currently, and the value for private sale is listed as:

Excellent Condition: $22,485
Good Condition: $21,485

Just for fun, and after reading this thread. I ran the same car with the only variable being the mileage. Numbers came up as:

For the same car with 56,000 miles:

Excellent Condition: $18,685
Good Condition: $17,865

For the same car with 106,000 miles:

Excellent Condition: $13,835
Good Condition: $12,835

 

[MetalSlug]

since I try to sell the car, I did learn, peoples dont care how much value of the car, only thing they care is the price, they will try anything to buy it dirt cheap. they will not brag about their new car to their friends, but they brag about the price they pay for.

 

[Bluestream]

I do know that with a newer model vehicle the mileage variable is huge. A vehicle depreciates on both MY, condition, and mileage, so with a older vehicle the mileage is less of a depreciation factor. I have access to local "Red Book" values, but anything that is a 2000 MY, they only have a low and a high price. (Newer car have a mileage matrix that can be used to adjust the value for low or high mileage cars.)

Looking on eBay and other online sales site the mileage on older MY cars seem to have the same value or near same value.

I think with the older stuff, its what ever the seller is willing to let it go for. I was going to offer $500 more than I think I can get out of my car, and then drive it for a bit to make sure is good, then sell the one I don't want. hopefully I could upgrade to a lower milage unit for $500. Not that there is anything wrong with mine.