[Auto] Old cars with more than 100,000 miles are now worth a good sum of money

[MosterOfficial ☆]

 

 

 

That hasn't really been true for decades, but it's especially wrong right now. Used car prices have been pushed to extremes recently thanks to a combination of demand from consumers wary of taking public transportation and a severe shortage of computer chips needed to make new cars. That overheated market is driving prices up, even for cars and trucks with six-digit mileage.

 

Chevy Bolt electric vehicle fire hazard warned Historically, even as used car prices have generally risen, prices for cars over 100,000 miles haven't moved that much. But that's definitely not the case this year.

 

Last summer, the average used vehicle with between 160,000 and 170,000 kilometers on its odometer was worth about $ 12,700, according to Edmunds.com. That was only a few dollars more than it had been worth the year before. This year, that same type of vehicle would be worth about $ 16,500, an increase of about 30% in value.

 

These days, cars and SUVs can routinely survive for at least 200,000 miles. Therefore, a vehicle in good condition with just over 100,000 miles should have a lot of life left. It may show some wear and tear, and given its age, it won't have the latest tech and safety features, but it still has plenty of time to drive someone around town.

 

"In the past, it was like 'A hundred thousand miles? You're stranded,' while today it could be 'My phone won't connect because it's too old,'" said Ivan Drury, data analyst at Edmunds car pricing website. .com.

That kind of increase isn't just limited to these high-mileage vehicles. Trucks, cars and SUVs of all ages are rising in value, according to data from Edmunds.com. In part, this is because prices depressed slightly, or at least were stable, a year ago during the depth of the coronavirus lockdowns. However, it mainly has to do with a higher demand for cars now. Average used vehicle prices, overall, have risen about 27% since last year. For cars and trucks that are beyond the 100,000 mile threshold, the increase in value is less, but still noticeable. For example, vehicles with just over 150,000 miles have risen 25% in average value over the past year. Again, that compares to very little increase in value normally.

 

Cars that have been driven 160,000 kilometers but less than 177,000 are, on average, 7.5 years old, according to Edmunds.com. That's still well below the average for all passenger cars on America's roads, according to research by IHS Markit. The average car, light truck or SUV driven today is just over 12 years old, according to the most recent report from IHS Markit. (The average age of vehicles increased slightly last year due to the lack of new vehicle sales during the pandemic, according to the consultancy)

 

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