GOING over a particular mileage threshold can make your car unsellable and dramatically reduce its value, drivers have been warned.
Experts have revealed the exact “doomed” mileage figure beyond which buyers tend to walk away while purchasing a second-hand car.
GettyExceeding a particular mileage threshold can reduce your car’s value[/caption]
GettyExperts have revealed the figure beyond which buyers tend to walk away while purchasing a second-hand car[/caption]
Mileage is one of the biggest factors that concerns a buyer while shopping for a second-hand car – and can make or break a car sale.
And exceeding a particular mileage threshold can drastically reduce your chances of attracting high-value offers for your vehicle.
Experts at Progressive have suggested a few mileage benchmarks that could help your car sell for more.
According to them, selling a car before it clocks 30,000 to 40,000 miles is generally the best option for a driver looking to sell his car.
This is because, around this mileage, the manufacturing warranty typically expires and the first major maintenance service for the motor gets due.
The second mileage point to consider is selling before selling a car is between 60,000 and 70,000 miles, when the powertrain of the motor expires and the vehicle is due for the second round of maintenance.
Car powertrain warranties often expire within this mileage range, and a second round of major maintenance will typically accompany this warranty expiration.
However, selling your car after it has clocked 100,000 miles on the odometer is a big no.
Buyers often tend to think that the value of a motor drops significantly after it crosses the 100,000-mile threshold.
Experts suggest it often creates a psychological barrier for buyers – even if everything else is perfect model runs well.
“In a buyer’s mind, there’s a common perception that a car’s value drops once the odometer crosses over 100,000 miles,” an expert at Progressive said.
However, keeping proper maintenance records of your motor can help show a potential buyer that a well-running vehicle with over 100,000 miles is still worth the money.
Ways To Increase Resale Value Of Your Car
Having a recent MOT & Service – Buyers will more likely buy a second-hand car and pay the asking price if the vehicle is well-maintained and serviced properly.
Getting new tyres – Tyres that look worn down can decrease the overall appeal of your vehicle and push away potential buyers. Putting fresh tyres ahead of a second-hand car viewing can help your car sell faster.
Restoring paintwork – Getting a fresh paint job on your car can make it look as good as new, increasing the resale value of your car.
Recharging air con – The air con systems in cars generally become ineffective over time – and it is best to get them fixed ahead of a sale to get the maximum value.
Repairing the windshield – Chipped or cracked windshields can put buyers off even before they evaluate the car, creating a psychological barrier. It is always best to repair the windscreen to increase the car’s value even more.