How much value does a car lose per mile?

+1 vote
asked Feb 5 in Buying & Selling by Haigio (230 points)
How much value does a car lose per mile?

1 Answer

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answered Feb 5 by Judy (29,790 points)
A car starts to lose value as soon as you drive the new car off the lot.

Cars don't really depreciate per mile driven but it can affect the value overtime.

Within a new cars first year it loses up to 19 percent of it's value.

If you buy a car for $20,000.00 and you own it for a year then the car will only be worth $16,200.00 within that first year.

The older your car gets the more value it loses and by 10 years say you paid even $30,000.00 for a car then that $30,000.00 car might only be worth $5,000.00 at most as a trade in.

That's a lot of value lost.

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