Does high mileage represent good value?

[Integroo]

Particularly for cars you don't necessarily intend to put a lot of miles on or keep for the long term.

For example, SLK55 AMG at 130-40k miles at 8k or at 70-80k at 12k. That's a 4k saving, which is not insignificant. However, if you say kept for 18 months and did 5k miles, the high mileage one would (i) be higher risk of hitting you with a bigger bill and (ii) be much harder to shift. The lower mileage one shouldn't really depreciate (maybe a little), be lower risk of big bills (though obviously it depends on condition and history really rather than mileage), and would be easier to sell.

So running costs might actually be higher on the high mileage one than the low mileage one.

Would you agree?

[randlemarcus]

Risk of borkage and mileage anxiety does tend to decrease the potential market, yes. However, reduced purchase price should mean that the two remain somewhat equal over a couple of years, all things being equal.

[Wooda80]

Yours is an unusual starting point.

I speak to a lot of used car buyers and the most common starting point I come across is "I am looking for an X Model and I have around £Y to spend, and i want the best car i can get". If one of those people had £12000 to spend they probably wouldn't entertain an £8000 car. The similar question might arise " For a given price should I buy older with lower miileage or younger with higher mileage?"

In the example that you give, one can't really generalise. The 130k car might have already had service work or consumables done that would fall due on the 80k car during your ownership. Or it might not

The 80k car might be the one that borks itself at 85k, and the 130k one might be the one that wafts effortlessy past 180k. Or it might not.

In terms of how much money you might use when you sell it, if the cars represent equal value for money now then they will be equal value for money when you sell. Unless your use accelerates or slows down the degradation in condition.

The person who in 2 years time fancies an SLK55 but only has a £6k to spend won't have any choice but to consider your 150k mile example. Or the poor fool who set out to buy a sensible SLK200 and saw your advert

If you are concerned about depreciation then the best way to reduce the risk is to spend less in the first place.

[Integroo]

My concern is reducing overall cost, rather than initial purchase price. My budget is flexible.

I take the point about buy on condition, not mileage - there is what seems to be a very nice high mileage example being sold by a chap on here, with recent work for some of the important things, which I am considering (albeit it is very far away), against more expensive examples with lower mileage that claim to be good examples but perhaps are not as good.

[ZX10R NIN]

At 130k you'll be looking at a suspension refresh which won't be cheap but that's about it the 55 engine is pretty much bulletproof so that shouldn't be a reason not to buy one but I'd be looking at it as a long term buy as the high mileage will put off a fair few buyers.

[Wooda80]

The only way you can fix your costs like that is to get something with a guaranteed residual value and a maintenance plan. Maybe consider getting a short lease on an MX5 or similar ( I recall your car history and Im teasing, of course )

But seriously you can't rationalise it from your armchair like that, you have to judge each car on its condition. As long as the car is correctly priced then depreciation is a red herring at this age and price point. Go and look at them and buy the one that appears to need the least spend going forward. That's not necessarily the same thing as the one that has had the most spend up to now. Good that you are open minded to consider older higer mileage cars in good condition.

You'll know the right one when you see it.

[Integroo]

ZX10R NIN said:

At 130k you'll be looking at a suspension refresh which won't be cheap but that's about it the 55 engine is pretty much bulletproof so that shouldn't be a reason not to buy one but I'd be looking at it as a long term buy as the high mileage will put off a fair few buyers.

The 130k one is on coilovers so fresh. I'd go take a look but its in Glasgow and I'm in London so its quite a trek.

[67Dino]

I wonder if OP may have a point here? I’m guessing buyers pay a premium for a lower mileage car for 3 reasons:
- better condition (on average)
- lower maintenance bills (probability)
- just prefer it (prestige, security, etc.).

If all 3 factors are being priced in, and you don’t care about 2 of them, then you’ve got an arbitrage opportunity. Or put another way, if you can find a good condition higher miler, and don’t care what the clock says, then the bills component should be less (on average) than the saving you’re banking.

All assumes market forces are working of course, but I bet they are in that 70-130k range.

[SD_1]

It is the usual pot luck with used cars - if you get a good one that has been looked after then the mileage is just a number on the dashboard and is largely meaningless. However if you get a bad one, it will be a headache.

Bottom line, don't rule out high milers and buy on condition / service history

[Integroo]

SD_1 said:

It is the usual pot luck with used cars - if you get a good one that has been looked after then the mileage is just a number on the dashboard and is largely meaningless. However if you get a bad one, it will be a headache.

Bottom line, don't rule out high milers and buy on condition / service history

True, but its a certainty that a 150k one will be harder to move on than a 50k one, even if the 150k one is considerably cheaper.

[SD_1]

Integroo said:

True, but its a certainty that a 150k one will be harder to move on than a 50k one, even if the 150k one is considerably cheaper.

Very true, but that depends on how long you plan to keep the car. If it has a lot of miles on it, you can use that as a bargaining point so you don't pay as much in the first place.

[Integroo]

SD_1 said:

Very true, but that depends on how long you plan to keep the car. If it has a lot of miles on it, you can use that as a bargaining point so you don't pay as much in the first place.

Yes, that is the crux of my point - if you are going to chop and change, do the lower mileage more expensive ones actually make more sense.

I've been watching the market and the higher mileage ones have stuck around even at dealers.

[ZX10R NIN]

Integroo said:

ZX10R NIN said:

At 130k you'll be looking at a suspension refresh which won't be cheap but that's about it the 55 engine is pretty much bulletproof so that shouldn't be a reason not to buy one but I'd be looking at it as a long term buy as the high mileage will put off a fair few buyers.

The 130k one is on coilovers so fresh. I'd go take a look but its in Glasgow and I'm in London so its quite a trek.

Now that does sound good if you book a return flight & get the seller to pick you up from the Airport which may well lead to you bagging a nice car.

[Mr Tidy]

ZX10R NIN said:

Now that does sound good if you book a return flight & get the seller to pick you up from the Airport which may well lead to you bagging a nice car.

Possibly, but I bought a 2002 E46 325ti in 2014 that began life in Aberdeen and it was pretty crusty underneath so I'd have a good look at the underside of any car from Scotland.

If you don't plan to put many miles on a car it might be worth going for a low mileage one that will stay low mileage so ought to retain it's value.

But putting mega-miles on a low mileage one will definitely cost when it comes time to sell!

Last year I bought an E91 BMW 325i that had done 132K miles but had full main agent SH and it drove just fine, so high milers can be fine to own. I only sold it because I wanted a 330i!

Edited by Mr Tidy on Wednesday 14th August 23:27