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Historically, even when used car prices have generally increased, prices for cars above the 100,000 mile mark have not moved as much. But that is certainly not the case this year.
Last summer, the average used vehicle with between 100,000 and 110,000 miles on the odometer was worth about $ 12,700, according to Edmunds.com. It was just a few dollars more than what it had been worth the year before. This year, that same type of vehicle would be worth around $ 16,500, an increase in value of about 30%.
Today’s cars and SUVs can regularly survive for at least 200,000 miles. So a well-maintained vehicle with just over 100,000 miles should have some remaining useful life. He may show a bit of wear and tear, and given his age, he won’t have the latest tech and security features, but he still has plenty of time to get someone to town.
“Back then, it was like ‘One hundred thousand kilometers? You’re stuck, “whereas today it might be” My phone won’t plug in because it’s too old, “” said Ivan Drury, data analyst at car pricing site Edmunds. com.
Trucks show the largest increases, which is true among used vehicles of all ages and mileages. Average values of Chevrolet Silverado 1500 pickup trucks with more than 100,000 miles driven have increased by almost 50% to $ 27,000, while Ford F-150s of similar age are now worth around $ 26,000, an increase of 43 %. (These are used vehicle retail values - in other words, what a dealership might sell these trucks for. An owner selling the vehicle directly to another person or to a dealership should not ‘expect to get that much.)
This kind of increase is not limited to these high mileage vehicles. Trucks, cars and SUVs of all ages are rising in value, according to data from Edmunds.com. Part of the reason is that prices were only slightly depressed, or at least remained stable, a year ago deep in the coronavirus lockdowns. Most of the time, however, it has to do with increased demand for cars now. Average used vehicle prices, overall, have increased by about 27% since last year.
For cars and trucks over 100,000 miles threshold, the rise in value is less but it is still remarkable. For example, vehicles with just over 150,000 miles have increased by 25% in average value over the past year. Again, this is compared to very little increase in value normally.
Cars that have 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 for all passenger vehicles on U.S. roads, according to IHS Markit research. According to the most recent report from IHS Markit, an average car, light truck or SUV driven today is just over 12 years old. (The average age of vehicles was increased slightly last year by a lack of new vehicle sales during the pandemic, according to the consulting firm.)
“No matter your age or your mileage, your vehicle’s value is probably more than you thought,” Drury said.
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