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Unveiled: The Mileage Threshold that Depreciates Your Car the Most

The Impact of Mileage on the Value of a Used Car: When Does Depreciation Hit the Hardest?

Are you in the market for a used car? If so, you’re probably aware that there are many factors that determine the value of a pre-owned vehicle. Age, condition, maintenance history, color, and specification all play a role in pricing, but one of the most significant influencers is mileage.

According to a recent study by Carwow, mileage can have a major impact on the value of a used car. The study analyzed data from used car sales between 2022 and 2024 and found that the first significant drop in value occurs once a car surpasses 10,000 miles, with an average depreciation of 22%. However, the largest percentage loss occurs when a car exceeds 20,000 miles, dropping by an average of 24% compared to the value at 10,000 miles.

Beyond 20,000 miles, every additional 10,000 miles results in a further 17 to 18% decline in value. By the time a car reaches 60,000 miles, its value has dropped by an average of 64%. The next major drop occurs when the odometer hits six figures, with a further 19% decrease in value.

With the average British driver covering between 5,000 and 7,000 miles per year, it’s important to pay attention to your odometer reading if you’re looking to sell your car. The study suggests that waiting to sell could lead to a substantial drop in valuation price, especially if your car crosses into another mileage bracket.

Interestingly, the study also found that electric vehicles (EVs) and hybrids depreciate slower per mile compared to petrol cars. By 30,000 miles, the average petrol car has lost 38% of its value, while EVs have only dropped 26% and hybrids just 11%. This makes EVs and hybrids attractive options for those looking to minimize depreciation.

If you’re considering purchasing a used car, it’s essential to factor in mileage when determining the vehicle’s value. Keeping an eye on your odometer and understanding how mileage influences depreciation can help you make informed decisions when buying or selling a pre-owned vehicle.