100,000-Mile Used Cars Had Highest-Ever Prices in June
Automakers are continuing to suffer from a chip shortage and accordingly a car shortage as well. With the lack of cars at dealerships, prices have sky-rocketed, even for highly used cars. According to the experts at Edmunds, cars with 100,000-109,999 miles on the odometer sold for an average of $16,489 in June 2021 — the highest price ever recorded.
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How and why has this price changed?
In June 2020, vehicles driven 100,000-109,999 miles sold for an average of $12,626, which is $3,863 less than in 2021. This means the price went up 31 percent year over year. Not only did these used cars go for more money in 2021, but they also sold faster. It only took an average of 30.5 days for dealers to sell them in 2021, while it took 37.7 days to sell them in 2020.
Trucks had the largest price increase, with the average price of the higher-mileage Chevy Silverado 1500 going up 49 percent to $26,914. The Ford F-150 and Ram 1500 had the second and third highest price hikes, respectively. However, the vehicles with the biggest decrease in selling time varied more, with the Jeep Wrangler SUV coming in first followed by the Ram 1500 truck and the Honda Civic car.
Today’s prices for used cars with over 100,000 miles are similar to last year’s prices of vehicles with 60,000-80,000 miles. While the current car shortage certainly played a major role in this cost increase, drivers today may also be willing to pay more for higher-mileage cars since vehicles are lasting longer than they did in decades past.
“It’s been a long-held belief among many car buyers and sellers that a vehicle’s value begins to decline dramatically once it crosses the 100,000-mile mark, but that’s proven to be wrong as vehicle technology and durability have greatly improved over the years,” said Ivan Drury, Edmunds’ senior manager of insights.
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If you have a high-mileage car sitting in your garage, you may want to sell it now in case the transaction prices start to fall.
Amanda Drago lives in West Chester, Ohio with her wonderful family, which includes her adorable dog, Coco. Amanda recently graduated from Miami University with degrees in both marketing and creative writing. However, if she was ever forced to change career paths, she imagines that she would train dogs for movies. In her spare time, she enjoys reading, writing, and watching Netflix. She also has a special place in her heart for theatre and purchases tickets to as many shows as she can. See more articles by Amanda.