Mileage Misfortune: Cars surpassing 60k miles plummet in value by 27%

The speedometer of a modern car shows a high driving speed. Added motion blur.

A new study by Carwow has found just how severely mileage impacts the value of used cars. The study reveals car valuations can drop by a staggering 27% once they tip over the 60,000-mile mark. As a result, owners looking to sell are now being advised to do so before their vehicle hits this 60k mileage milestone.

Carwow’s research also reveals that 42% of people want to sell their car as quickly as possible once they’ve made the decision to change vehicles. However, delaying the move to sell may prove costly for consumers once the vehicle has reached higher mileage.

How much value (£) a car loses per 10,000 miles:

Chart to show average evaluation vs average mileage

The graph above highlights three points where the value lost increases significantly. These sit at 30,000, 60,000, and 110,000 miles.

The most value is lost when cars surpass 60,000 miles, dropping by an average of 27% compared to their value at 50,000 miles. This could be because the industry standard car warranty lasts for three years, or until a car reaches 60,000 miles, whichever is sooner. Cars that have clocked over six figures will then see a further drop of 24% – an average loss of £945 when hitting 110,000 miles.

Carwow’s data also shows that cars with between 100,000 and 150,000 miles on the clock could fetch an average valuation of £3,259, yet owners run the risk of much lower valuations if they rack up more than 150,000 miles.

The loss in value per mileage bracket shows that a timely sale could save car owners from a sizable drop in valuation prices, showing the importance of keeping a close eye on mileage.

Paul Barker, Managing Editor at Carwow, said: “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 affect a car’s value and understanding just how much will help car owners in their decision-making.

“With a considerable proportion of sellers looking to sell their cars as soon as possible and a notable decline in their valuations, it’s crucial for owners to weigh their options and consider making the most of the current used car market before further depreciation takes its toll.”

More information can be found on Carwow’s website.

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