The cost of depreciation can be high if you’re selling a car, but it can be low if you’re buying a car, especially one with high mileage. High-mileage cars can look tempting because of their lower price tags. However, some buyers might be discouraged by the number count on the odometer.
If you’re in the market for a used car or SUV but are not sure whether it’s a good idea to buy one because it has high mileage (over 100,000 miles), then you would be surprised to know that a high-mileage car can actually be cheaper to drive than a lower mileage one.
How? This article explains what you should know.
How High Mileage Can Work In Your Favor
Cars depreciate over time whether they are driven or not. But as you may know, the more the car has miles, the more its value will depreciate.
If you’re looking to buy a high-mileage car, this depreciation can work in your favour, and, believe it or not, the higher the mileage, the cheaper it can be to buy and drive the car. The reason is that the depreciation curve will eventually increase during any car’s lifetime.
I Thought High Mileage Meant More Issues
By buying a high-mileage car, you risk having some mechanical issues wrong with it from the get-go, if not later on. This may be true; however, it’s best to get a pre-purchase inspection before purchasing any used car, whether it has high miles or not.
Finding a reputable mechanic that can inspect the car and tell you what it needs could save you thousands later, especially if it means that you won’t be stranded by your car on the side of the road one day.
When it comes to buying a high-mileage car, it’s luck. But the good side of buying a high mileage car is that you know the owner most likely took care of it in order to reach the higher end of the odometer range; otherwise, it probably wouldn’t be running.
Just remember to do your best to inspect the car yourself and to get it inspected by a professional before purchasing it. If the owner has maintenance and repair records, that can also be an advantage.
Also, it’s common knowledge that Japanese cars (Toyota, Honda, etc.) tend to hold their value more and can be more reliable than European and American cars (Ford, Range Rover, etc.), so you could save more money by going with Japanese cars. But keep in mind that every car is prone to breaking at some point.
Conclusion
Make sure that if you plan on buying a car over 100,000 miles, you know what you’re getting into. But if you find a good one, you might save more money over time than you would if you bought a car with lower miles.
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