There are lots of factors that affect the value of a car. However, mileage is one of the most important factors. If you want to sell your car in London to either a private buyer or a car-buying company (like White Recovery), your car’s mileage may be one of the first things they request from you. Read on to discover how mileage affects your car’s value.
Why Car Mileage is Important?
Mileage refers to the total number of miles that a car has covered. It indicates how well-used a car is. A car that has high mileage has worked more, and this could lead to more servicing than a car that hasn’t covered much distance.
Two cars may look alike in terms of make, age, and model. However, mileage can still play a key role in making one car more valuable than the other. A car with low mileage will most likely command a higher price than a car with high mileage. But this is not guaranteed.
How Car Mileage Affects Car Value?
A car that has a few miles on it will have a higher value than one with high mileage. The more miles you see on the odometer, the higher the repair and maintenance costs will be. Even if the vehicle is not too old, high mileage implies more wear to the body, engine, and tires. When you want to calculate the worth of a car, there are different factors to consider. These include trim, the condition of the car, extras, age, and service history, amongst others.
Car mileage is also an important factor that must be considered. This tends to have a huge impact on the value of the car as the total number of miles covered increases. However, there’s a rule you can follow to determine the rough value of a car after mileage depreciation.
We can group car mileage into sets of 20,000 miles. For instance, up to 20,000 miles, up to 40,000 miles, up to 60,000 miles, and so on. As a vehicle covers more miles on the engine and proceeds into the next band, it will lose about 20 per cent of its current value. As a result, a brand new car that was worth £30,000 would be reduced to about £24,000 once it exceeds the 20,000-mile mark.
Don’t forget that these estimates are based only on mileage depreciation. Other factors can also occur during the time that makes a car move from one band to another (for instance; plate changes, age, and cosmetic damage). Hence, you need to consider these factors so that you can have a more accurate figure. If you want to sell your car in London, feel free to get in touch with us to get a market valuation for your car.
What is Considered a Good Mileage for a Car?
According to the data obtained from the Department of Transport, the average mileage for a car is between 5,000 and 7,000 miles per year. However, you may find between 8,000 and 10,000 miles per year. Most finance plans usually assume 8,000 to 10,000 miles per year. As a result, they charge more if a car exceeds 12,000 miles per year. So, assuming the yearly average is 10,000 miles, when we multiply this by the age of a car in years, we will have a rough idea if the car has a low, high, or perfectly average mileage.
Does Mileage Depend on the Type of Car?
Diesel cars usually attract people that drive more often. Hence, diesel cars have higher mileage. This has to do with buying habits and not the car’s dependability. Things are different if you drive an electric car since its mileage is related to the car’s lifespan and the charge of the EV battery. However, just like brake pads, tires, and clutches, you can replace those parts, so they do not signify the end of a car’s use.
At What Mileage Does a Car Stop Working?
A well-maintained car can work for more than 10 years, so sell your car as scrap if its mileage is less than 150,000 miles. A car can cover as much as 300,000 miles if you keep repairing it and replacing the worn-out parts. However, at that point, it is important to consider if the repair is worth it compared to selling it and buying another one with low mileage.
How is the Value of a Car Calculated?
When you want to sell your car, you need to consider the different factors that are used in calculating the price of the car. These include make, age, model, engine size, fuel type, and mileage. These factors have the biggest impact on the price of a car.
Other Factors to Consider When Selling a Car
As stated earlier, mileage is not the only factor that you should consider when determining the value of your car. Here are other factors that you need to watch out for when selling your car:
Wear and Tear
It is expected that a car will have normal wear and tear from daily use. However, if the car’s condition appears older than its age, its value will drop.
Broken Parts
Even if the car has low mileage and drives perfectly, broken parts will affect the price of the car. For example, a faulty air conditioner, or electric windows that don’t work properly will make the price of the car drop.
Poor Maintenance
If you don’t keep up with oil changes and other maintenance, then it will cause car breakdown and can get old even if it has low mileage. Ensure that you regularly service your car so that its value can be maintained.
Lots of Previous Owners
A car with more previous owners usually has a lower value.
Get in Touch with White Recovery to Sell Your Car
Do you want to sell your car in London? Based on the car’s value, White Recovery will offer you an instant cash offer. We will come to your location with cars for towing your vehicle. Get in touch with us to get started.