Does Higher Mileage Decrease Classic Car Value? (2024)

FAQs

Does Higher Mileage Decrease Classic Car Value? ›

While mileage is far from the only element determining your vintage vehicle's quality, higher mileage will make it more difficult to sell at a desirable price. This is even more so the case if you obtain a classic car with low mileage.

Condition

The most significant factor in determining the value of a classic car is its condition. You could have the rarest car model in the world, but if it's covered in rust and in need of a massive restoration in order to be drivable, the vehicle's value will drop.

Mileage holds an important place in valuing classic cars, as it provides vital information about the car's usage and wear over time. Generally, the lower the mileage, the more desirable and valuable a classic car becomes.

Cars that have racked up a mileage that is above the average will usually be worth less than an equivalent model with fewer miles on the clock, because it is more likely to suffer from mechanical failures, due to worn-out components, in the future.

Replace any interior elements that are worn, cracked, or faded. As with any specialty car, old stock is your best bet for maintaining the value of your classic car. Enter classic car shows. One of the most effective ways to increase a classic car's resale value is by participating in car shows.

Mediocre Restoration

Sloppy restorations full of shortcuts, compromises, and subpar craftsmanship will make your classic's value tumble.

Several factors can affect the resale value of your car. These include mileage, age, condition, location, color, make and model. You can retain your car's value by regularly maintaining it and avoiding modifications that could decrease its appeal to buyers.

Buying a low-mileage used car is a great decision, but finding one for sale might be challenging. Avoid scams by comparing the odometer reading with mileage on the vehicle history report, maintenance records, and signs of wear. Get a comprehensive inspection and review the maintenance history before making a decision.

In conclusion, while it's a good idea to consider both the age of a vehicle and the mileage on the odometer, how it was maintained is the key. A 10 year old car with 100,000 miles may have received more maintenance and upkeep then a 5 year-old car with 50,000 miles.

What is considered high mileage on a car? Often, 100,000 miles is considered a cut-off point for used cars because older vehicles often start requiring more expensive and frequent maintenance when mileage exceeds 100,000.

At what mileage do cars depreciate the most? ›

Zero to 30,000 Miles

New vehicles experience their biggest decline in value during their first year of ownership. Subsequently, they continue to depreciate sharply until their manufacturer's warranties expire, which is usually after three years or 36,000 miles.

As a general rule, cars are grouped into mileage bands. If a vehicle travels over 20,000 miles, it will lose around 20% of its value. If it then exceeds 40,000 miles, it will lose a further 20% of that value.

Here is the short answer: about 1% of the cars value when new for every 1000 miles. It's a rough estimate, but for the first 5–7 years, cars generally depreciate about 10% per year, at the rate of about 12k miles per year. 1% is a pretty good approximation. Which car is it okay to buy with over 100k miles on it?

Key Takeaways. For the automotive enthusiast, one way to diversify an investment portfolio is to start collecting classic cars. Most cars lose value immediately after they are driven off of the dealer lot, but classic cars gain in value over time, due to rarity, performance, or special attributes.

The Market Rating has dropped 19 of the 22 months since its 78.22 peak in the summer of 2022, to its lowest value in three years. That said, its current value of 65.41 is still higher than any point in the four years leading up to the Market Rating's most recent surge.

Classic cars fluctuate in value, but they can appreciate over time rather than depreciate like a modern car does.

High Mileage and Aggressive Driving: High mileage affects a car's resale value, indicating more wear and tear—aggressive driving habits like hard braking and rapid acceleration strain car components and lower resale value.

Depreciation is caused, in general, by the wear and tear that any vehicle experiences as it is driven. Driving down highways and city streets day after day takes a toll on the car's various parts, from tires to transmission, and after a while, that toll makes your car less likely to function properly.

Beyond aesthetics, painting an old car can significantly increase its market value. A vehicle in "excellent" condition typically has more value than one that's in "fair" condition. A major part of this valuation is determined by the exterior condition, including paintwork.