How does mileage affect a car's resale value?

How does mileage affect a car's resale value?

Mileage is a key factor in determining a car's resale value. Generally, lower mileage indicates less wear and tear, making the vehicle more desirable.

What is considered low mileage for a used car?

Typically, low mileage is considered to be under 12,000 miles per year. So, a 3-year-old car with under 36,000 miles would be seen as low mileage.

How much value can I lose if my car has high mileage?

High mileage can significantly decrease a car's value, sometimes by 15-20% or more compared to similar models with lower mileage.

Are there other factors that affect resale value?

Yes, factors like the car's make and model, condition, service history, and market demand also play crucial roles in resale value.

Should I keep my car for longer to increase its value?

It depends. Keeping a car longer can increase its value if it remains in good condition, but high mileage can offset that benefit.