How Can You Unlock the Hidden Value in a High Mileage Car?
If you’re in the market for a used car, you might have come across some high-mileage options that seem like fantastic deals. But before you jump in, it’s essential to weigh the pros and cons of a car purchase.
Buying a high-mileage vehicle can be a smart choice, but it also comes with its own set of risks.
In this blog, we will discuss the advantages and disadvantages of purchasing a high-mileage used car and provide you with valuable tips to help you make an informed decision.
Key Takeaways
- Purchasing a high-mileage car can save you money upfront and help you avoid steep depreciation. They also tend to have lower insurance premiums, adding to their financial appeal.
- How reliable a high-mileage car can be depends on how well it was maintained. Obtaining a vehicle history report and conducting thorough inspections are crucial steps in making sure you make a dependable purchase.
Understanding High Mileage Vehicles
Generally, a car with over 100,000 kilometres is considered to be high-mileage. The average mileage for a car is around 12,000 to 15,000 kilometres per year. While that might sound daunting, many modern vehicles are designed to last well beyond this point. For instance, brands like Toyota and Honda have built a reputation for delivering longevity, making them popular choices for those considering buying high-mileage used cars.
Pros of Buying a High-Mileage Used Car
Be it cost-saving or sustainability, there are considerable advantages to buying a high-mileage used car. So, if you have found a second-hand car that ticks most of your requirements, don't let the high-mileage alarm you just yet.
Savings on Cost
One of the most significant advantages of buying a high-mileage used car is the cost saving. High-mileage vehicles are usually priced lower than low-mileage options, allowing you to stretch your budget further to include some added upgrades.
Despite recording high mileage, the car can be reliable and cost only a fraction of the price of a new or low-mileage vehicle, depending on how much mileage it has.
Slower Depreciation
New cars depreciate quickly, losing a significant portion of their value in the first few years. High-mileage vehicles have already experienced most of their depreciation, meaning you’re less likely to lose out on resale value. This can be particularly beneficial if you plan to keep the car for several years.
Insurance Savings
High-mileage cars generally have lower market values, which can translate to cheaper insurance rates and lower insurance premiums. This can help you save even more money in the long run.
Availability of Models
If you are eyeing a specific make and model, high-mileage options often provide a broader range to select from than the low-mileage options available in the market. The low-mileage used cars are considerably more expensive than their high-mileage counterparts.
So, you may find more choices available within your budget for high-mileage used cars, allowing you to choose the features you want without breaking the bank.
Environmental Benefits
Buying a used car—high mileage or not—can be a more environmentally responsible choice. Opting for a pre-owned vehicle reduces manufacturing waste and energy consumption.
Cons of Buying a High-Mileage Used Car
Buying a used vehicle can impose certain risks, and the risks may increase if the vehicle is a highly used one. While there are many options available in the market, not all of them are reliable.
Potential Reliability Issues
While many high-mileage cars can run smoothly, they may be more prone to reliability issues. As cars age, certain components, including the car's engine, are more likely to wear out, leading to unexpected repairs and associated costs.
It’s crucial to do your homework on the specific make and model you are buying to understand the common problems that may emerge. This will give you a good idea about potential future costs and the vehicle's longevity.
Limited Warranty
Car warranties usually don’t transfer to second-hand car owners. This is especially true for high-mileage vehicles. So, if something were to go wrong, you might have to pay for the repairs entirely out of your pocket.
However, some dealerships and manufacturers do offer extended warranties to the new owners of the used, which can provide some peace of mind to those purchasing high-mileage used cars.
At TWG Cars, all our vehicles come with a standard three-year warranty – included in the purchase price- as well as Tony White’s quality-approved and make-it-right promise. So, you can drive away from our dealership knowing you have made the right choice!
Resale Value Concerns
While high-mileage vehicles experience slower depreciation, they can still be more challenging to resell. Potential buyers may be wary of high-mileage cars, decreasing their likelihood of a favourable sale in the future. Therefore, it's essential to consider your long-term plans when making such a purchase.
Maintenance History Variability
The condition of a high-mileage car heavily depends on how well its previous owner maintained it.
If the car doesn’t receive regular service, it will lead to costly repairs in the future and will only be available in a compromised condition.
Maintenance records, often found in a car log, are a great way to gauge whether a used car is being sold in reliable condition and whether its previous owner regularly cared for it.
Possible Cosmetic Wear
A highly used vehicle is likely to have considerable cosmetic wear. There may be noticeable wear and tear in the interiors, as well as paint and bodywork.
While these factors don’t necessarily affect the vehicle's performance, they could add to your restoration costs.
If you are not convinced about making such a purchase, visit a TWG Cars dealership near you! We are home to a large fleet of premium and budget-friendly used cars. Most of the vehicles on our website or in-store are well under the 100,000 mileage mark – promising performance and longevity.
Tips for Buying a High-Mileage Used Car
Now that we’ve explored the pros and cons, let’s dive into some practical tips for buying a high-mileage used car. These tips will help you make an informed decision and ensure you take home a reliable car with you.
Do Your Homework
Before buying a specific car, research various brands, makes, and models known for their longevity and reliability. Several online resources can provide valuable insights into the best high-mileage used cars on the market. RACQ’s handy checklist for buying a used car with confidence and MY NRMA are great resources to get you started.
Once you have shortlisted a few options, you can verify their history and validate the purchase using tools available online, such as Revs Check QLD and other such websites for your respective state.
Get a Vehicle History Report
Whenever purchasing a used vehicle, regardless of the mileage, you should obtain the vehicle history report from the previous owners or the dealership. This report contains crucial information about the car’s past, such as accidents, title issues, car mileage, and maintenance records.
Look for consistent oil changes, tyre rotations, and any major repairs. A well-documented service history is a good sign of responsible ownership.
This report can indeed teach you a lot about a vehicle's reliability. Thus, you can seal the deal with confidence in your purchase and foresee any costs that may arise in the future.
Test Drive the Vehicle
Never skip the test drive! Pay attention to how the car feels on the road. Listen for any unusual noises, check the brakes and assess the comfort of the interior. A test drive can reveal much about the car's condition and whether it is a good fit for you!
Consider Extended Warranties
If you’re concerned about potential repairs, consider purchasing an extended warranty. While this may add to your initial costs, it can provide peace of mind knowing you’re covered for unexpected issues down the line.
Set Realistic Expectations
While many high-mileage cars can be reliable, they may not perform like a new vehicle. The difference will be significant. Being realistic about what you're buying and considering your long-term needs will save you from disappointments later.
It’s about finding the right balance between cost, reliability and your specific requirements.
Despite your best efforts, you might find that many high-mileage cars fail to meet the standards. This can take up a lot of time and effort and still result in inconvenience.
Use your time, effort and money efficiently when looking for a used car – visit us at a store near you today! TWG Cars is home to a large variety of used cars maintained in great condition. Our offerings are not only budget-friendly and quality-assured but also mostly low-mileage (driven <100,000 km).
Cars that will Serve you Long Term
Certain brands and models stand out for their reliability and longevity when it comes to buying used cars with high mileage.
Many car enthusiasts and savvy buyers know that some vehicles can handle the test of time—and mileage—better than others. Here’s a look at some of the best brands and models renowned for their durability even after clocking high kilometres.
Toyota
Toyota Camry: The Camry is often hailed as one of the most reliable sedans on the market. It is known for its robust build quality and efficient engine, and many owners report high mileage with proper maintenance and care.
Toyota Corolla: Similar to the Camry, the Corolla is famous for its reliability and fuel efficiency. With a straightforward design and durable components, it’s not uncommon to find Corollas still running strong well into their second decade.
Toyota RAV4: For those in need of an SUV, the RAV4 is an excellent choice. With a spacious interior and a reputation for longevity, many RAV4s can easily exceed 150,000 kilometres without any significant issues.
Honda
Honda Accord: The Accord is celebrated for its well-engineered mechanics and comfortable ride. Many owners report high mileage without major repairs, making it a favourite among used car buyers.
Honda Civic: Known for its efficiency and reliability, the Civic is a go-to option for those seeking a compact car that can withstand the test of time. Many Civics are known to surpass 200,000 kilometres with routine maintenance and care.
Honda CR-V: This compact SUV offers versatility and dependability. The CR-V has a strong engine and is built to last, making it a popular choice for families and adventurers alike.
Subaru
Subaru Outback: Renowned for its all-wheel drive and rugged capabilities, the Outback is a favourite among outdoor enthusiasts. With regular maintenance, many Outbacks are known to reach high mileage while performing admirably in various conditions.
Subaru Forester: Like the Outback, the Forester boasts a spacious interior and excellent reliability. Its durable construction makes it a strong contender for those looking to buy a high-mileage used SUV.
Ford
Ford F-150: As one of the best-selling trucks on the market, the F-150 is built tough and designed for longevity. Some models feature diesel engines that can last even longer. Many F-150 owners report their trucks performing well beyond 200,000 kilometres, making it a favourite for those needing a reliable workhorse.
Ford Explorer: This midsize SUV is known for its comfort and performance. With a solid maintenance history, Explorers can remain dependable even after reaching high mileage, offering versatility for both families and adventurers.
Mazda
Mazda3: This compact car is fun to drive and boasts impressive reliability. The Mazda3’s efficient design and well-built components often lead to high mileage without significant problems.
Mazda CX-5: This compact SUV combines style, comfort and reliability. With regular maintenance, owners frequently report that the CX-5 can easily exceed 150,000 kilometres.
Conclusion
Buying a high-mileage used car can be a savvy financial decision. With proper research, a thorough inspection and an understanding of what to expect, you can unlock the hidden value in these vehicles.
By following the tips outlined in this blog, you are well-equipped to make an informed choice and ensure your high-mileage purchase is both reliable and satisfying. Whether you're looking for a budget-friendly option or a reliable commuter car, high-mileage vehicles can serve you well with the right approach.
Frequently Asked Questions
What factors should I prioritise when purchasing a high-mileage used car?
Ensure three things - a detailed service history, regular maintenance records and a reputable seller. Research the reliability and determine whether that make/model is known to last in high mileage—factor in the cost of potential repairs, given the vehicle's overall condition.
How can I determine if a high-mileage car is worth buying?
Thoroughly inspect the vehicle, focusing on signs of wear and tear. This can help you identify any issues you may encounter in the future. Request a comprehensive vehicle history report to verify the mileage and maintenance records.
How do I check the vehicle history report?
You can obtain a vehicle history report from services like CarHistory. These reports provide information about the car's accident history, theft records and odometer readings.
Resources
- RACQ’s checklist for buying a used car: https://www.racq.com.au/articles/drive/2023/3/checklist-for-car-buyers
- 11 Top Tips for Buying a Used Car in QLD: https://www.sabsafetycertificates.com.au/how-to-buy-a-used-car/
- REVS Check QLD - https://www.revscheckreport.com.au/services/revs-check-qld
- My NRMA – practical advice and tips for choosing a reliable used car: https://thehub.nrma.com.au/drive/buying-used-car
- Carhistory.com.au
