That wasn’t really true for decades, but it’s especially wrong now. Second-hand car prices have skyrocketed recently, due to a combination of demand from consumers who do not use public transport and a huge shortage of computer chips needed to manufacture new cars. This overheated market is driving up prices even for cars and trucks with six-figure mileage.
Historically, even if used car prices have increased overall, car prices have not moved as much past the 100,000 mile mark. But that’s definitely not the case this year.
Last summer, the average used vehicle with an odometer reading between 100,000 and 110,000 miles was worth about $ 12,700, according to Edmunds.com. It was only a few dollars more than it was worth the year before. This year, the same type of vehicle would be worth about $ 16,500, an increase in value of about 30%.
Today, cars and SUVs can routinely survive at least 200,000 miles. So a well-maintained vehicle with just over 100,000 miles should still have a lot of useful life. It may show some signs of use and may not have the latest tech and safety features given its age, but there is still plenty of time to get someone around town.
“It used to be like, ‘A hundred thousand miles? You’re stranded,’ while today it might be, ‘My phone won’t connect because it’s too old,'” said Ivan Drury, a data analyst at Edmunds.com, a data analyst.
Trucks are showing the greatest growth, which applies to used vehicles of all ages and mileage. The averages for Chevrolet Silverado 1500 pickups over 100,000 miles increased nearly 50% to $ 27,000, while Ford F-150s of similar age are now worth approximately $ 26,000, an increase of 43%. (These are retail used car values - in other words, what a dealer might sell those trucks for. An owner who sells the vehicle directly to another person or to a dealer shouldn’t expect to get that much.)
This type of surge isn’t just limited to these high-mileage vehicles. According to data from Edmunds.com, trucks, cars and SUVs of all ages are increasing in value. This is in part because prices were only slightly depressed, or at least kept flat, a year ago during the depths of the coronavirus lockdowns. Above all, however, it has to do with the increased demand for cars. The average prices for used cars as a whole have risen by around 27% since last year.
For cars and trucks that are more than 100,000 miles away Threshold, the increase in value is lower, but still remarkable. For example, vehicles with just over 150,000 miles have gained an average of 25% over the past year. That, too, is usually compared to a very small increase in value.
Cars that have been driven 100,000 miles but less than 110,000 miles are on average 7.5 years old, according to Edmunds.com. According to research by IHS Markit, this is still well below the average for all cars on America’s roads. According to the latest report from IHS Markit, the average car, light truck, or SUV driven today is just over 12 years old. (According to the consulting firm, the average vehicle age increased slightly last year due to a lack of new vehicle sales during the pandemic.)
“It doesn’t matter what age or mileage you are, your vehicle is probably worth more than you ever thought,” said Drury.
