What is the rule of thumb for adjusting a cars value if it is over the accepted average miles?
Should a full history negate the need to do this?
Cheers,
TG
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Remember, fun is the key, but remain seated at all times or you may die. SHABBA!
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There is no rule of thumb for this sort of thing - some cars are easier to sell with big mileages than other and even with a few miles under their belt they hold their value better.
Someone recently posted on here about buying a 3 year old volvo with 80 odd thousand on the clock, a big car like that will cope with that sort of mileage but a 3 year old fiesta with that sort of mileage will be nowhere near as easy to sell or hold onto as much of it's initial value.
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blue_haddock wrote:...
Isn't it more that a big Volvo which is 3 years old has had a huge depreciation hit already, so a few extra miles makes little odds.
On the other hand, a little Fiesta has a better resale value - people prefer running smaller cars. So the difference is more marked. A low mileage MINI might be worth almost as much as you paid for it...
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Parkers (in print and on line) gives a formula to calibrate for mileage variance from the average. Can't recall how it works, but it's useful if you are selling and can take advantage of it, as it has some authority about it. I guess is could also be useful if you're buying.
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For a normal bread and butter car (Ford/Vauxhall) £35 per thousand miles is roughly right.
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Which model, and at what age Steve?
If I have a three year old Focus 1.6 Zetec with 40k on it, it might be worth £2k more than the same car at 100k. Perhaps that's a bit high but not totally unreasonable.
Run the clock five years and an eight year old Escort Si is worth maybe £800 with 130k up, but not £2,800 with 70k up, at least not unless you start taking into account the difference between auction and dealer prices as well.
Sorry, but there is no single formula, with percentages or pounds that can convert between high and low mileage with more than one car and one age.
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For a normal bread and butter car (Ford/Vauxhall) £35 per thousand miles is roughly right.
That would make many cars worth negative amounts!
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Parkers (in print and on line) gives a formula to calibrate for mileage variance from the average.
I would take anything said in parkers with a big pinch of salt.
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When the time came to get rid of / trade in my `97 Audi A4 1.9 Tdi 110 with 185k miles according to the newstand price guides mileage calculator it was worthless!. I got £2750 trade in for it though. I`m sure the dealer will sell it for a few bob more too and why not it still ran sweet even at those miles.
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When the time came to get rid of / trade in my `97 Audi A4 1.9 Tdi 110 with 185k miles according to the newstand price guides mileage calculator it was worthless!. I got £2750 trade in for it though. I`m sure the dealer will sell it for a few bob more too and why not it still ran sweet even at those miles.
Unfortunately, probably with the '1' knocked off the 185k.
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£35 per thousand miles applies to cars between 3 to 5 years old.
Anything older I would value more on condition than mileage.
This is a rough estimate !
I use this when my Glass's guide is not to hand.
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So take a 3 year old car, take the book price for average mileage, say 40k, then take £35 per 1000 miles over the average, is that what you guys are saying?
That means 90k rather than 40k knocks £1750 off the price, probably fair if in all other respects the condition is comparable.
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Holy thread revival Batman
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Spam - same user put a link into another thread.
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Spam should now be hidden.
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