A vehicle’s odometer reading is a significant factor in determining its market worth. Higher mileage generally correlates with lower value, reflecting increased wear and tear on components, a greater likelihood of needed repairs, and a shorter remaining lifespan. For example, two identical vehicles, one with 30,000 miles and the other with 130,000 miles, will have substantially different resale values, even if meticulously maintained.
Understanding the relationship between accumulated mileage and vehicle valuation is crucial for both buyers and sellers. For buyers, this knowledge helps determine a fair purchase price and anticipate potential future maintenance costs. Sellers, on the other hand, can use this information to accurately price their vehicles and understand the depreciation their vehicle has experienced over time. Historically, mileage has been a primary factor in used car appraisals, predating detailed vehicle history reports and becoming even more relevant as vehicles age.
