Curious about the prime time to sell your car? According to experts, it's advisable to consider selling before your odometer hits 60,000 miles. A recent study by Carwow indicates that, on average, cars experience a significant 27% depreciation in value once they reach this milestone.
This decline is closely tied to the standard three-year car warranty or until the odometer reaches 60,000 miles. The study notes that the first substantial decrease in a car's value occurs around the 30,000-mile mark. However, it's the vehicles surpassing 60,000 miles that witness the most substantial declines.
The most significant drop, an average of 27%, occurs when cars exceed 60,000 miles, compared to their value at 50,000 miles. Further data reveals that cars with six-figure mileage experience an additional 24% drop, translating to an average loss of £945 when reaching 110,000 miles.
Cars with odometers ranging from 100,000 to 150,000 miles fetch an average of £3,259, but pushing past 150,001 miles poses a risk of significantly lowering the selling price. Carwow emphasises the importance of a timely sale to avoid substantial depreciation, highlighting the need for owners to monitor mileage closely.
This advice comes in the context of a thriving UK used car market, which grew by 5.1% in 2023, according to figures from the Society of Motor Manufacturers and Trade (SMMT). The Ford Fiesta, Vauxhall Corsa, and Volkswagen Golf emerged as the top three most popular used car models in 2023. Another study by HonkHonk suggests that private sellers should consider accepting the first offer when selling a used car, as rising costs for dealers may limit their ability to provide higher offers later.