The online vehicle retail platform Carwow has shared the mileage that used cars typically lose the most value at.
With the average price of a used car falling by 4.2 percent, many motorists are looking to get the most value out of their vehicle.
However, Paul Barker, Managing Editor at Carwow, warned that keeping a car for longer could cause its value to drop even further.
He explained: “Our data highlights just how crucial it is for car owners to act quickly. Waiting around to sell could result in a substantial drop in valuation price, and owners selling at the right time becomes key to get the best valuation for their car.
“Of course, there are many factors that can affect the value of a car, such as the model and any modifications that have been made. However, mileage is one of the key factors that affects a car’s value and understanding just how much will help car owners in their decision-making.”
According to Carwow, used cars typically depreciate the largest amount as soon as they cover 60,000 miles, with the average price 27 percent less than examples with 50,000 on the clock.
Similarly, vehicles that have travelled more than 100,000 miles often have a much lower value than the average used car, losing nearly £1,000 over the following 10,000 miles.
Whilst many motoring experts suggest that modern vehicles are capable of covering more than 200,000 miles, used car buyers are typically concerned that high-mileage models could be more unreliable.
Paul encouraged drivers not to be put off by falling used car prices, with fears that typical values could fall further.
He added: “With a considerable proportion of sellers looking to sell their cars as soon as possible and a notable decline in the valuations, it’s crucial for owners to weigh up their options and consider making the most of the current used car market before further depreciation takes its toll.”
However, mileage is not the only factor that causes the value of a used car to fall, with the desirability of the model, its service history and overall condition also affecting the price.
According to the financial advice company MoneyHelper, drivers can get the best price for their current car by making sure they sell it at the right time of the year.
Typically, there is more demand for sportscars, classics and cabriolets in the summer when the weather is nicer, whereas rugged and capable SUVs and off-roaders sell best in winter.
In addition, they suggested motorists should avoid making unnecessary modifications that may not be to everyone’s taste, such as fitting spoilers and wider wheels.
