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Mileage valuation on used car

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gnawsome
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Mileage valuation on used car

#429317

Postby gnawsome » July 21st, 2021, 2:30 pm

Many years ago I was told that the difference in value was £10 per thousand miles above or below average mileage -- all other things being equal.
No doubt something similar exists, does anyone have a 'rule of thumb' figure for today's market.

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Re: Mileage valuation on used car

#429381

Postby bungeejumper » July 21st, 2021, 4:41 pm

That sounds a trifle on the low side, but I'd believe £20 per thousand. Depends on the car, though, and on its age when you buy it.

I've learned to my cost that cars can hit a cost threshold when they get past 120,000 miles or so, but otherwise I've never been very bothered about apparently high mileages. I'd rather have a car that's done 50,000 proper motorway miles in two years than one that's coughed its way around town for 15,000 miles and never been properly warmed up.

Still, people do seem to want ultra-low mileage cars, and who am I to argue? When I bought my 18 month old Toyota, it had an unfashionable 30K on the clock, and it seemed pretty clear that only the driver's seat had ever been sat in. :) I paid exactly half of what the brand-new forecourt price would have been, and that suited me nicely. Bargain.

BJ

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Re: Mileage valuation on used car

#429392

Postby DrFfybes » July 21st, 2021, 4:59 pm

I don't think it was ever the case generally, although at some price points and for some cars at a certain age it would have been about right.


For a more up to date idea, have a look at lease/PCP costs and play with the annual milage.
Assuming you look at 3 year old cars, I looked at 3 + 35 month deals from Lings, and you can choose 10, 15, or 20,000 miles a year, so 15k more on a 3 year old car.

10k/year Ford Puma is £246, 15k is £268, and 20k/year is £289/month, so about £21/month for the extra mileage. This is a Hybrid. So on a 3 year old car 10,000 miles is worth £500.

A petrol Kuga at around £300/month costs an extra £30-35/month for 5k/year. £700/10k

A Citroen C1 costs £11/month for 15k difference.

Audi A7 you are looking at about £12/month on a base diesel at circa £680/month, going to £17/month on the higher models costing £800/month.

On a £1400+/month BMW 8 series the difference is £13/month.

So, in actual fact, for several very different cars, about £260/10k.

Paul

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Re: Mileage valuation on used car

#429405

Postby GrahamPlatt » July 21st, 2021, 5:56 pm

Well, I recently bought a motorhome. 18 months old, 15k on the clock, 17k off list price (~25%).
O/T : I regret that it’s diesel (OK, with adblue it’s less toxic) but I have only so many years left, and the electric tech just ain’t there yet. OTOH it does more ~20% more mpg than the Zafira I had 2008-12!

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Re: Mileage valuation on used car

#429406

Postby AF62 » July 21st, 2021, 5:57 pm

I think the other thing which has changed is what is considered an average mileage.

In the past 10-12k a year was not unusual, but these days with the number of people who have a second or third or more cars then that has come down significantly. There are plenty of people who are happy leasing a car with a 5k limit because it will just be used to run the children to school and pop to the shops.

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Re: Mileage valuation on used car

#429408

Postby Watis » July 21st, 2021, 6:17 pm

bungeejumper wrote:That sounds a trifle on the low side, but I'd believe £20 per thousand. Depends on the car, though, and on its age when you buy it.

I've learned to my cost that cars can hit a cost threshold when they get past 120,000 miles or so, but otherwise I've never been very bothered about apparently high mileages. I'd rather have a car that's done 50,000 proper motorway miles in two years than one that's coughed its way around town for 15,000 miles and never been properly warmed up.

Still, people do seem to want ultra-low mileage cars, and who am I to argue? When I bought my 18 month old Toyota, it had an unfashionable 30K on the clock, and it seemed pretty clear that only the driver's seat had ever been sat in. :) I paid exactly half of what the brand-new forecourt price would have been, and that suited me nicely. Bargain.

BJ


I've twice bought low mileage cars in the last 20 years.

- one was a year old and had done 3k

- the other was 4 years old and had done 10k

No issues that arose during my ownership of either car could be pinned on their low mileage. I consider that I got two cars in an almost new condition for a secondhand price and owned them through their best years (along the bottom of the bathtub reliability curve).

However ideally driven, a 50k miler is just that, and is reaching the time of its life when things start to break - while acknowledging that modern cars are amazingly reliable given their complexity.

Watis

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Re: Mileage valuation on used car

#429414

Postby GrahamPlatt » July 21st, 2021, 6:44 pm

My VW Transporter, which I bought with 35k on the clock, now has has 200k, and (cherished) I reckon it’s good for as much again.

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Re: Mileage valuation on used car

#429415

Postby didds » July 21st, 2021, 6:56 pm

AF62 wrote:I think the other thing which has changed is what is considered an average mileage.

In the past 10-12k a year was not unusual, but these days with the number of people who have a second or third or more cars then that has come down significantly. There are plenty of people who are happy leasing a car with a 5k limit because it will just be used to run the children to school and pop to the shops.



... and those who now WFH instead of commuting 30+ miles each way, 5 days a week, 47 weeks a year.

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Re: Mileage valuation on used car

#429418

Postby AF62 » July 21st, 2021, 7:03 pm

didds wrote:
AF62 wrote:I think the other thing which has changed is what is considered an average mileage.

In the past 10-12k a year was not unusual, but these days with the number of people who have a second or third or more cars then that has come down significantly. There are plenty of people who are happy leasing a car with a 5k limit because it will just be used to run the children to school and pop to the shops.



... and those who now WFH instead of commuting 30+ miles each way, 5 days a week, 47 weeks a year.


My neighbour (who admittedly is retired) told me recently as he took his car for its MOT, that he had done 600 miles since the previous one.

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Re: Mileage valuation on used car

#429491

Postby DrFfybes » July 22nd, 2021, 6:59 am

AF62 wrote:
didds wrote:
AF62 wrote:I think the other thing which has changed is what is considered an average mileage.

In the past 10-12k a year was not unusual, but these days with the number of people who have a second or third or more cars then that has come down significantly. There are plenty of people who are happy leasing a car with a 5k limit because it will just be used to run the children to school and pop to the shops.



... and those who now WFH instead of commuting 30+ miles each way, 5 days a week, 47 weeks a year.


My neighbour (who admittedly is retired) told me recently as he took his car for its MOT, that he had done 600 miles since the previous one.


MrsF's Z4 did 379 miles between 2/6/20 and 16/6/21 MOTs. Considering we moved house so 185 of those were driving from Exeter to Shrewsbury then not a lot of use. The Maserati in comparisson did a whopping 507 miles in the year, which with a £1k service bill plus Tax and Insurance was probably about the same as getting a taxi, so has been sold.

However the Carina did 6600 Feb - Feb and the Avensis 14,412 July to July and is now on 88k for a Dec 2016 registered car.

If you want to go somewhere, use a Maserati, if you need to get somewhere, use a Toyota :)

Paul

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Re: Mileage valuation on used car

#429745

Postby redsturgeon » July 22nd, 2021, 7:14 pm

DrFfybes wrote:
AF62 wrote:
didds wrote:

... and those who now WFH instead of commuting 30+ miles each way, 5 days a week, 47 weeks a year.


My neighbour (who admittedly is retired) told me recently as he took his car for its MOT, that he had done 600 miles since the previous one.


MrsF's Z4 did 379 miles between 2/6/20 and 16/6/21 MOTs. Considering we moved house so 185 of those were driving from Exeter to Shrewsbury then not a lot of use. The Maserati in comparisson did a whopping 507 miles in the year, which with a £1k service bill plus Tax and Insurance was probably about the same as getting a taxi, so has been sold.

However the Carina did 6600 Feb - Feb and the Avensis 14,412 July to July and is now on 88k for a Dec 2016 registered car.

If you want to go somewhere, use a Maserati, if you need to get somewhere, use a Toyota :)

Paul


I bought a 16 year old Honda Accord on May 19th this year, it had less than 80k on the clock, it is now over 88k! I expect to be at 100k by October.

All I've done is fill it with petrol.

John

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Re: Mileage valuation on used car

#429751

Postby staffordian » July 22nd, 2021, 7:43 pm

redsturgeon wrote:
DrFfybes wrote:
AF62 wrote:
My neighbour (who admittedly is retired) told me recently as he took his car for its MOT, that he had done 600 miles since the previous one.


MrsF's Z4 did 379 miles between 2/6/20 and 16/6/21 MOTs. Considering we moved house so 185 of those were driving from Exeter to Shrewsbury then not a lot of use. The Maserati in comparisson did a whopping 507 miles in the year, which with a £1k service bill plus Tax and Insurance was probably about the same as getting a taxi, so has been sold.

However the Carina did 6600 Feb - Feb and the Avensis 14,412 July to July and is now on 88k for a Dec 2016 registered car.

If you want to go somewhere, use a Maserati, if you need to get somewhere, use a Toyota :)

Paul


I bought a 16 year old Honda Accord on May 19th this year, it had less than 80k on the clock, it is now over 88k! I expect to be at 100k by October.

All I've done is fill it with petrol.

John


I'd expect nothing less. Hondas can't break down. It's the law :D

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Re: Mileage valuation on used car Thanks

#430501

Postby gnawsome » July 26th, 2021, 2:08 pm

Thanks for those interesting replies.
It helps me to sensibly value the 'opportunity cost' of running 2 cars for a very low annual mileage.
A petrol and a diesel.
Each has it's own advantage and the depreciation is barely significant. The nil RFL on the petrol car makes the total costs over the 2 quite comfortable.
At 84yo I think it shields me from ever having to go car hunting again and there is a value in that alone

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Re: Mileage valuation on used car

#430515

Postby Mike4 » July 26th, 2021, 3:33 pm

GrahamPlatt wrote:My VW Transporter, which I bought with 35k on the clock, now has has 200k, and (cherished) I reckon it’s good for as much again.


I was going to comment similarly about my Vito. My current Vito was 80k when I bought it for 30% of new price and is up to 250k now. My last Vito croaked it terminally at 370k with emissions indicating an engine rebuild so hopefully this one will last another year or two.


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