Almost 50 per cent of motorists try to sell their car before it surpasses 60,000 miles to avoid it losing value in the long term, research shows.
According to a new study, cars see a steep drop in value when they reach 60,000 miles compared to vehicles being sold that have 50,000 miles on the clock.
Carwow, an online marketplace for buying and selling cars, found that valuations can drop by up to 27 per cent once they surpass the 60,000-mile mark.
The data showed how a car with only 30,000 miles could be sold for up to £25,000 but once it hits the 60,000 zone, the value drops to less than £10,000.
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Drivers are being urged to sell their cars quickly to avoid losing money
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Cars with 40,000 miles on them can see their value range between £10,000 to £15,000 while cars with more than 50,000 miles may only fetch £10,000 or less.
Paul Barker, Managing Editor at Carwow, said: “Our data highlights just how crucial it is for car owners to act quickly.
“Waiting around to sell could result in a substantial drop in valuation price, and owners selling at the right time becomes key to get the best valuation for their car.”
Cars that exceed 60,000 miles have even lower selling leverage and could risk getting as little as £3,259 for cars with mileage between 100,000 and 150,000.
The loss in value per mileage bracket shows that a timely sale could save car owners from a sizable drop in valuation prices, highlighting the importance of keeping a close eye on mileage.
The mileage of a car is the total amount of ground covered since it was first produced.
Vehicles with higher mileage numbers become harder to sell due to their increased likelihood of suffering mechanical failures, due to worn-out components, in the future.
A car’s service history also has a big impact on its value as a vehicle with 50,000 miles but no service history could be deemed less desirable than one with 80,000 miles under its belt and a fully stamped service book.
Barker continued to say: “Of course, there are many factors that can affect the value of a car, such as the model and any modifications that have been made.
“However, mileage is one of the key factors that affect a car’s value and understanding just how much will help car owners in their decision-making.”
He added: “With a considerable proportion of sellers looking to sell their cars as soon as possible and a notable decline in their valuations, it’s crucial for owners to weigh their options and consider making the most of the current used car market before further depreciation takes its toll.”
The Department for Transport has estimated drivers cover between 5,000 and 7,000 miles per year with 10,000 miles per year also considered a “normal mileage”.
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Drivers could risk getting as little as £3,259 for cars with mileage between 100,000 and 150,000
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To avoid car prices dropping further, drivers should look to evaluate their vehicles sooner rather than later, Carwow warned.