What's a mile worth?
Thread Starter
Burning Brakes
Joined: Jun 2010
Posts: 942
Likes: 3
From: Louisville KY
What's a mile worth?
In other words, assuming cars are the same year and options, HOW much more is a C5 with 50,000 miles worth than one with 60,000? Or 20,000 and 30,000? Or whatever. Is there one mark where the value jumps up (maybe under 20k)? And is there place where the value plummets (maybe 100k)? Is there an algorithm for this because when I plug it into the Wizard of Oz websites they crank out different values.
Team Owner
Joined: Jul 2012
Posts: 34,479
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From: Central PA. - - My AR15 identifies as a muzzleloader
I believe in the Beer Fairy
I don't think the miles themselves mean a whole lot. I think what you do is look at the miles and then look at the rest of the car and decided what took place during those miles. A 100K car that's a cherry indicates to me a lot better care than a 20K car that looks like it's seen better days.
It all depends on the buyer. And, you'd have to find two similar cars with varied miles to make a determination. IMO, if I saw two cars, one at 90K and one at 30K in similar condition, I'd probably give the 30K car a bid price of $4000 more than the high miles one. 4K / 60K = 6.6c / mile (by my calculations). Not enough to keep me from driving my car, that's for sure. I will never own a 10 year old one owner with 5K miles!
It all depends on the buyer. And, you'd have to find two similar cars with varied miles to make a determination. IMO, if I saw two cars, one at 90K and one at 30K in similar condition, I'd probably give the 30K car a bid price of $4000 more than the high miles one. 4K / 60K = 6.6c / mile (by my calculations). Not enough to keep me from driving my car, that's for sure. I will never own a 10 year old one owner with 5K miles!
Burning Brakes
Joined: Jul 2012
Posts: 946
Likes: 32
From: WV
My rule of thumb
When comparing similar cars, and all other factors being equal:
I give the newer car a higher value of $1000 per year
I give the lower mileage car a higher value of $1500 per 10,000 miles ($0.15 per mile).
I find this to be a good way to normalize respective values.
I give the newer car a higher value of $1000 per year
I give the lower mileage car a higher value of $1500 per 10,000 miles ($0.15 per mile).
I find this to be a good way to normalize respective values.
Drifting
Joined: Jan 2012
Posts: 1,341
Likes: 8
From: Hopatcong New Jersey
Burning Brakes
Joined: Jul 2012
Posts: 946
Likes: 32
From: WV
You may be right, but it works for me as I don't consider anything over 45,000 miles and seldom go that high.
Race Director
Joined: Jan 2008
Posts: 16,028
Likes: 170
From: oregon
I don't think the miles themselves mean a whole lot. I think what you do is look at the miles and then look at the rest of the car and decided what took place during those miles. A 100K car that's a cherry indicates to me a lot better care than a 20K car that looks like it's seen better days.
It all depends on the buyer. And, you'd have to find two similar cars with varied miles to make a determination. IMO, if I saw two cars, one at 90K and one at 30K in similar condition, I'd probably give the 30K car a bid price of $4000 more than the high miles one. 4K / 60K = 6.6c / mile (by my calculations). Not enough to keep me from driving my car, that's for sure. I will never own a 10 year old one owner with 5K miles!
It all depends on the buyer. And, you'd have to find two similar cars with varied miles to make a determination. IMO, if I saw two cars, one at 90K and one at 30K in similar condition, I'd probably give the 30K car a bid price of $4000 more than the high miles one. 4K / 60K = 6.6c / mile (by my calculations). Not enough to keep me from driving my car, that's for sure. I will never own a 10 year old one owner with 5K miles!
people that have 15k mile cars that are weekend track toys often have a much harder life than the guy with a 100k car that went up and down the freeway.
mileage is only part of the story.
if these cars didn't take north of an hour to do a leakdown test on it would be on my must do for buying.
Team Owner
Joined: Jul 2012
Posts: 34,479
Likes: 532
From: Central PA. - - My AR15 identifies as a muzzleloader
I believe in the Beer Fairy
That baby's hoofed! Makes sense now.Looking at examples above, emptnest gives more consideration to the mileage than I do. I'm really more concerned about the rest of the car. What really gets me to bid higher on a car is when I see a higher mile one with the interior that looks like the owner took their shoes off to drive it. When they're spotless inside, that tells me its lived a charmed life.
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Burning Brakes
Joined: Jul 2012
Posts: 946
Likes: 32
From: WV
[/QUOTE] Looking at examples above, emptnest gives more consideration to the mileage than I do. I'm really more concerned about the rest of the car. What really gets me to bid higher on a car is when I see a higher mile one with the interior that looks like the owner took their shoes off to drive it. When they're spotless inside, that tells me its lived a charmed life.[/QUOTE]
I agree that mileage is only one consideration, and I too look for excellent condition first. Only after I am satisfied that the car has been cared for properly do I apply my mileage, and age rules.
I also acknowledge that the c5 has plenty of good life remaining beyond the 45k limit that I use. It's just that I would rather have those miles available for me, instead of accepting a discount from someone else who already consumed them.
I agree that mileage is only one consideration, and I too look for excellent condition first. Only after I am satisfied that the car has been cared for properly do I apply my mileage, and age rules.
I also acknowledge that the c5 has plenty of good life remaining beyond the 45k limit that I use. It's just that I would rather have those miles available for me, instead of accepting a discount from someone else who already consumed them.
Drifting
Joined: Jan 2012
Posts: 1,341
Likes: 8
From: Hopatcong New Jersey
Or the owner spent a couple hours and cleaned the hell out of it when he decided to put it up for sale
You'd be amazed at what a good carpet cleaner and a little elbow grease can do for a dirty interior.
You'd be amazed at what a good carpet cleaner and a little elbow grease can do for a dirty interior.
Race Director
Joined: Jan 2008
Posts: 16,028
Likes: 170
From: oregon
] Looking at examples above, emptnest gives more consideration to the mileage than I do. I'm really more concerned about the rest of the car. What really gets me to bid higher on a car is when I see a higher mile one with the interior that looks like the owner took their shoes off to drive it. When they're spotless inside, that tells me its lived a charmed life.
I agree that mileage is only one consideration, and I too look for excellent condition first. Only after I am satisfied that the car has been cared for properly do I apply my mileage, and age rules.
I also acknowledge that the c5 has plenty of good life remaining beyond the 45k limit that I use. It's just that I would rather have those miles available for me, instead of accepting a discount from someone else who already consumed them.
I agree that mileage is only one consideration, and I too look for excellent condition first. Only after I am satisfied that the car has been cared for properly do I apply my mileage, and age rules.
I also acknowledge that the c5 has plenty of good life remaining beyond the 45k limit that I use. It's just that I would rather have those miles available for me, instead of accepting a discount from someone else who already consumed them.
without doing a leakdown test it's hard to tell what "consumed" is
i learned this back when i was autocrossing FWD cars. we would import the hand built honda type r engines. they all had stated mileage and no one paid it any attention. all we cared about were compression and leakdown numbers
Last edited by racebum; Sep 21, 2012 at 11:19 PM.