What is diminished value?
Have you ever wondered why your car's value takes a hit after an accident - even once it’s been repaired? The answer...
Selling a car can be a complex process with many factors to consider, such as the condition of your car, determining a reasonable selling price, and finalising the selling price. It's essential to be well-informed about your car's value, as this will help you set realistic expectations for how much it's worth. One very important factor that can influence your car's value is its mileage. So, let's explore how mileage can affect the sale of your car.
Determining what constitutes "normal" mileage for a car can be a complex task, as it relies on several factors. According to data from the Department for Transport, the average annual mileage for a car in the UK is between 5,000 and 7,000 miles, but some drivers cover around 10,000 miles per year, which we consider to be typical.
To estimate the average mileage of a used car, a general guideline is to multiply its age by 10,000 based on the above information. For instance, a 3-year-old car would typically have an average mileage of around 30,000 miles. However, it's essential to remember that this is only a rough estimate, and actual mileage may differ depending on the car's usage and maintenance.
Many people believe that the optimal mileage range for a car sale is between 10,000 and 20,000 miles. Vehicles within this range are often considered to have "low mileage" and therefore, are in good condition. Low mileage generally means less wear and tear on the car. However, it's essential to keep in mind that the ideal mileage can vary depending on the type of vehicle and its maintenance records. Therefore, it's best not to rely solely on mileage when selling or purchasing a car.
Cars with high mileage will generally have a lower resale value compared to identical models with fewer miles. This is because the more a car is driven, the more wear and tear its components experience, increasing the likelihood of repairs or replacements being needed.
Additionally, high-mileage cars are more likely to have superficial or structural damage, which further decreases their value. It's not surprising, therefore, that many second-hand car buyers prefer models with low or average mileage.
It's important to consider both mileage and maintenance records when selling a car, as these factors can significantly impact its resale value. While high mileage may initially seem like a drawback, a car that has been well-maintained with regular oil changes can still be valuable.
In fact, a car with a proven history of good maintenance is often more valuable than a poorly maintained model with lower mileage. Buyers are willing to pay a higher price for a car with a good maintenance record, which can offset the impact of high mileage. Therefore, it's essential to keep up with regular maintenance and retain records to demonstrate the car's good condition and increase its resale value.
When trying to sell a well-maintained car with high mileage, it can be tempting to resort to car clocking - altering the mileage to make it appear lower and improve its resale value. However, it's essential to note that car clocking is illegal in the United Kingdom and can result in severe penalties.
Despite high mileage, a car in excellent condition can still fetch a good price, and there's no need to resort to illegal practices. Honesty is always the best policy, and potential buyers will appreciate transparency about the car's mileage and condition. Therefore, it's best to focus on highlighting the car's positive features and maintenance records to attract potential buyers, rather than resorting to illegal and unethical practices like car clocking.
If you're looking to sell your car without any hassle, you can now do so through Sell 2 Swansway, even if your car has high mileage.
To get started, all you need to do is provide some basic details about your car and take a selection of pictures. Then, you’ll be given a guaranteed valuation which lasts for 7 days.
Once you're satisfied with your car valuation, simply accept it, and the dealer buying your car will take care of the rest. All you need to do is hand over the keys, payment will be released, and the process will be complete.
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If you’re looking to sell your car before it depreciates too much then get a competitive quote in under 60 seconds with Swansway. With over half a century of experience and nearly 8,000 positive reviews on Trust Pilot, you can trust that selling your car from Swansway is simple, risk-free and competitive.