Are you looking to buy a used car? If so, you want to make the most informed decision possible so that you can ensure you’re making a sound investment. That means it’s important to be aware of the value of the type of car you’re considering buying.
Does Used Car Value Drop by Mileage or Age?
Are you looking to buy a used car? If so, you want to make the most informed decision possible so that you can ensure you’re making a sound investment. That means it’s important to be aware of the value of the type of car you’re considering buying. There are two key factors that affect how much a used car is worth: age and mileage. If you’re wondering which factor impacts the value of a used car more, keep on reading. Below, we’ll explore the role that both of these factors have on the final sale price of a pre-owned vehicle and which variable has a more significant impact.
Mileage: What You Need to Know
One of the first things that people who are in the market to purchase a used car will take a look at is the mileage on the odometer. The higher the reading, the more miles the car has traveled. Generally speaking, more mileage equates to more wear and tear on a car. If a used car has high mileage, that indicates that the previous owner has driven the vehicle a lot, which can result in more maintenance for you – the potentially new owner.
Because higher mileage equates to more wear and tear and more regular maintenance needs, the value of used cars with high mileage tends to depreciate faster than those that have lower mileage. That said, if you’re shopping for a pre-owned vehicle, it’s in your best interest to look for cars with fewer miles. The less a car has been driven, the less maintenance it will require and the more valuable it will be.
Age: What You Need to Know
Though mileage is certainly an important factor to consider when it comes to determining the value of a pre-owned vehicle, so is age. Just like anything else, age impacts a car in a number of ways. Automotive technologies, including both convenience and safety features, are constantly evolving. As such, the older a vehicle is, the more antiquated its technological features will be.
Additionally, the risk of mechanical issues and even complete failures increase as the vehicle ages, which can result in the need for more extensive and costly repairs for you, the new owner. Finally, if you purchase an older vehicle, you could encounter issues with things like emissions regulations and even insurance coverage, which could end up putting you in a serious bind.
Given the number of issues that can be associated with older vehicles, if the pre-owned vehicle you’re considering has low mileage, its age can impact its value considerably.
Pay Attention to Mileage and Age
Because both mileage and age affect the value of a used vehicle, if you’re looking to buy a pre-owned car, you should always consider both. Both factors influence one another; for instance, a car may be just a year or two old but if it has high mileage, its value will be negatively impacted. With that said, however, the value of an older car that has low miles can depreciate significantly due to things like antiquated technologies and safety features.
Given the important role that both miles and age have on the value of a vehicle, if you’re shopping for a pre-owned car, it’s important to pay attention to both the miles on the odometer and how old the car is. Generally speaking, used cars that are newer and have lower mileage hold more value than those that are older and/or have higher mileage.
Determining Used Car Value: The Impact of Mileage and Age
If you’re shopping for a pre-owned car, the value of the vehicle is an important factor that you should take into consideration. Both the mileage and the age of the car will directly impact its value, so be sure to pay attention to both in order to score the best deal!
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If you’re located near Omaha, Lincoln, and Kansas City and have a weak or nonexistent credit score, you are a likely candidate for no credit car loans. However, lenders will still have minimum eligibility qualifications for bad-credit auto loans.
Are you looking to buy a car? Our stress-free car shopping experience will have you driving home amazed at how fast and easy the process was. Just because we’re a “Buy Here Pay Here” car lot doesn’t mean we don’t have a great selection of pre-owned vehicles to choose from. Our inventory is continuously being updated. That means if we don’t have the perfect vehicle for you, be sure to check back next week or even the next day.
In any case, we’re confident that we’ll have something that will fit your tastes, needs, and budget. We encourage you to browse our inventory online in Omaha, Lincoln, or Kansas City to narrow down your preferences to make things even faster when you visit our auto dealership.