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Jul 19 - Old cars with more than 100,000 miles are worth real money now



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 2 weeks ago '05        #1
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phantomnation  topics gone triple plat - Number 1 spot x56
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Jul 19 - Old cars with more than 100,000 miles are worth real money now
 

 
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New York(CNN Business)A lot of people still think that, once a car has been driven more than 100,000 miles, there's not much value left in it.

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

Historically, even when used car prices have risen overall, the prices on cars past the 100,000- mile mark haven't budged as much. But that's definitely not the case this year.

If you bought a car last year, it could now be worth more than you paid for it
If you bought a car last year, it could now be worth more than you paid for it

Last summer, the average used vehicle with between 100,000 and 110,000 miles on its odometer was worth about $12,700, according to Edmunds.com. That was just a few dollars more than it had been worth the year before. This year, that same sort of vehicle would be worth about $16,500, a roughly 30% increase in value.

These days, cars and SUVs can routinely survive for at least 200,000 miles. So a well-maintained vehicle with just over 100,000 miles should have plenty of usable life remaining. It may show some wear and, given its age, it won't have the latest tech and safety features, but it's still got plenty of time left to take someone around town.

"Back in the day, it was like 'A hundred thousand miles? You're stranded,' whereas today it might be 'My phone doesn't hook up because it's too old,'" said Ivan Drury, a data analyst with the auto pricing website Edmunds.com.

Trucks are showing the biggest increases, something that's true among used vehicles of all ages and mileages. Average values for Chevrolet Silverado 1500 pickups with over 100,000 miles on them increased almost 50% to $27,000 while Ford F-150s of similar age are now worth roughly $26,000, a 43% increase. (These are retail used vehicle values ó in other words, what a dealer could sell these trucks for. An owner selling the vehicle directly to another person or to a dealer should not expect to get quite that much.)

That sort of increase isn't confined to just these high-mileage vehicles. Trucks, cars and SUVs of all ages are going up in value, according to Edmunds.com's data. Partly this is because prices were just slightly depressed, or at least kept flat, a year ago during the depths of coronavirus lockdowns. Mostly, though, it has to do with increased demand for cars now. Average prices for used vehicles, overall, have risen about 27% since last year.

Everything is getting more expensive. Is it time to worry?
Everything is getting more expensive. Is it time to worry?
For cars and trucks that are farther past that 100,000-mile threshold, the increase in value is less but it's still remarkable. For example, vehicles with a little over 150,000 miles have gone up 25% in average value over the past year. Again, that's compared to very little increase in value normally.

Cars that have been driven 100,000 miles but less than 110,000 are, on average, 7.5 years old, according to Edmunds.com. That's still well below the average of all passenger vehicles on America's roads, according to research by IHS Markit. The average car, light truck or SUV being driven today is just over 12 years old, according to IHS Markit's most recent report. (Average vehicle age was pushed up slightly last year by a lack of new vehicle sales during the pandemic, according to the consulting firm.)

"It doesn't matter what age or mileage you have, your vehicle value is probably more than you ever thought," said Drury.
+15   



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150 comments
 

 2 weeks ago '15        #2
RollTideCowboy 
Props total: 3941 3 K  Slaps total: 281 281
252k on my 96 ls400. Redoing the front end now..got more faith in it than my 2011
+62   

 2 weeks ago '21        #3
LuxG2 
Props total: 12493 12 K  Slaps total: 2199 2 K
Itís starting to settle, the ones that are crazy like you are talking are still on the listing sites. I been watching this one since it was $65k @ 205k on the dash.



+10   

 2 weeks ago '20        #4
fuqdeeznavahoes 
Props total: 1253 1 K  Slaps total: 88 88
One of my people's picked up a 08 Nissan Altima for 35 hundred with 195k on it. It's clean and running smoothly. I'm a*suming if it's taken care it'll last for another 60 to 75 but idk...imo Honda Nissan Toyota be running forever....you might be able to throw in Hyundai too at this point...
+28   

 2 weeks ago '17        #5
Jdog168  topics gone triple plat - Number 1 spot x7
Props total: 14887 14 K  Slaps total: 359 359
Still got my 01 Dodge 207k miles running strong.
+15   

 2 weeks ago '07        #6
Jeet Kune Do 
Props total: 10014 10 K  Slaps total: 818 818
 Jdog168 said
Still got my 01 Dodge 207k miles running strong.
Dodge is a mighty fine car, ran over my wife in a dodge

Iykyk
+45   

 2 weeks ago '20        #7
Acts 4 Verse 12 
Props total: 16356 16 K  Slaps total: 8057 8 K
I got 175,270 miles on my 2012 Chrysler 200. I got no AC and a slow coolant leak
+25   

 2 weeks ago '18        #8
No Religion  topics gone triple plat - Number 1 spot x4
Props total: 28593 28 K  Slaps total: 2150 2 K
 LuxG2 said
Itís starting to settle, the ones that are crazy like you are talking are still on the listing sites. I been watching this one since it was $65k @ 205k on the dash.


Pick ups hold their value but 65k for any vehicle with 205k miles, a 2011 at that, is insane. I may have to say that's cap... very hard to believe.

 Jeet Kune Do said
Dodge is a mighty fine car, ran over my wife in a dodge

Iykyk
Old hillbilly in the background
+23   

 2 weeks ago '11        #9
PotheadFocker  topics gone triple plat - Number 1 spot x2
Props total: 29007 29 K  Slaps total: 3349 3 K
 Acts 4 Verse 12 said
I got 175,270 miles on my 2012 Chrysler 200. I got no AC and a slow coolant leak
No AC during this hot a*s summer? May god have mercy on your soul
+53   

 2 weeks ago '21        #10
LuxG2 
Props total: 12493 12 K  Slaps total: 2199 2 K
 No Religion said
Pick ups hold their value but 65k for any vehicle with 205k miles, a 2011 at that, is insane. I may have to say that's cap... very hard to believe.



Old hillbilly in the background
I wish i got the screenshot & i know i didnít believe it either.
+2   

 2 weeks ago '04        #11
killnarmy 
Props total: 5818 5 K  Slaps total: 302 302
Got 140k on my 05 Acura... Seen these bi*ches hit 600k on YouTube...




+27   

 2 weeks ago '12        #12
Fearless Genius 
Props total: 2952 2 K  Slaps total: 488 488


🚗💰
+3   

 2 weeks ago '14        #13
BasedGawd  topics gone triple plat - Number 1 spot x6
Props total: 24866 24 K  Slaps total: 3579 3 K
If so many people still aren't working, who the fu*k is buying all these fu*king cars and how hard they affording it?
+35   

 2 weeks ago '13        #14
BluRevolver 
Props total: 8087 8 K  Slaps total: 1617 1 K
My 05 accord at 176k, 13 wrx at 118k. Plan to run both to the ground
+15   

 2 weeks ago '19        #15
OaklandSmokin 
Props total: 2043 2 K  Slaps total: 129 129
145K on my 2011 Explorer

Ive had a handful of offers from people on the street in the past couple of months.
I was trippin wondering why people kept asking about this old a*s car, now I know.
+6   

 2 weeks ago '13        #16
North!!!  topics gone triple plat - Number 1 spot x8
Props total: 107451 107 K  Slaps total: 10294 10 K
Got a 2005 Camry with like 220k on it
+19   

 2 weeks ago '13        #17
North!!!  topics gone triple plat - Number 1 spot x8
Props total: 107451 107 K  Slaps total: 10294 10 K
Can’t get wrong with old reliables

fu*k boys that can’t afford newer luxury cars trying to stunt

In newer luxury cars they can’t afford maintenance and Insurance on
+23   

 2 weeks ago '06        #18
~SHYNE~ 
Props total: 3566 3 K  Slaps total: 535 535
192k in the Z , 36k on the Si....

I would only buy a Honda or Toyota/Lexus over 100k.You dont know how the last owner treated the motor and transmission, those brands can take more abuse than most.
+6   

 2 weeks ago '13        #19
Commission 
Props total: 95258 95 K  Slaps total: 16024 16 K
Make sure you do tune up/oil change

Any Japanese car is more reliable
+15   

 2 weeks ago '20        #20
fuqdeeznavahoes 
Props total: 1253 1 K  Slaps total: 88 88
 Jdog168 said
Still got my 01 Dodge 207k miles running strong.

+4   

 2 weeks ago '07        #21
Avon_Barksdale  topics gone triple plat - Number 1 spot x104
Props total: 229804 229 K  Slaps total: 20817 20 K
 North!!! said
Can’t get wrong with old reliables

fu*k boys that can’t afford newer luxury cars trying to stunt

In newer luxury cars they can’t afford maintenance and Insurance on
I got a 2019 ES 350 F sport and I’m gonna run that bi*ch until the damn axles break off on it…

But, I still want an old t-top cutlass so damn bad man...
@

+7   

 2 weeks ago '08        #22
koopa24 
Props total: 4829 4 K  Slaps total: 1502 1 K
Facts I got a 2008 Cherokee in 2019 with 84k miles for 5500 sold it for 8300 today had a nice little come up
+15   

 2 weeks ago '15        #23
kami  topics gone triple plat - Number 1 spot x5
Props total: 46359 46 K  Slaps total: 21997 21 K
At this rate they might start re-releasing old cars or maybe a niche company starts selling manual drive cars.
+4   

 2 weeks ago '04        #24
King Kusanagi 
Props total: 7377 7 K  Slaps total: 243 243
 killnarmy said
Got 140k on my 05 Acura... Seen these bi*ches hit 600k on YouTube...





Aye, I'm near 140k on my 05' Acura TSX too, had it almost 10 years, very reliable...
+3   

 2 weeks ago '17        #25
OGMiamishank 
Props total: 25788 25 K  Slaps total: 4695 4 K
 Acts 4 Verse 12 said
I got 175,270 miles on my 2012 Chrysler 200. I got no AC and a slow coolant leak
Car is a piece of sh*t u have to take the tire off to change the battery too? I got rid of that muthafu*ka with the quickness of a underperforming black head coach...
+8   



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