how much does a new car depreciate per mile?
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Car mileage can be grouped into sets of 20,000 miles. For example, up to 20k miles, up to 40k miles, up to 60k miles and so on. As a car accumulates more miles on the engine and moves into the next band then it will lose roughly 20% of its current value.
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In some cases, you can be fine buying a used car with 150,000 or even 200,000 miles on it, because maintenance helps them last far beyond what many people have come to expect. When considering mileage on a used car, don't take it at face value.
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In the first two years, most cars lose about 30-40% of their value – but the decrease over the next 3 years is only about 20%. This means that you can use the depreciation curve to your advantage.
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General Mileage Guidelines When Shopping Used Cars High-mileage cars and low-mileage cars are not necessarily polar opposites. In general, it's a good idea to assume the typical driver puts on about 12,000 miles per year, which can be a good guideline for determining the value of a prospective used car.
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If you use the standard mileage rate for a leased vehicle, the lease payment amount is not deductible. If you use the actual expenses method, leased vehicles are not depreciated. Instead, the business portion of the lease payment is deducted.
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If you use your vehicle for business 80% of the time, that means you will be able to claim 80% of your total vehicle expenses on your taxes. In other words, the number of miles you drive does not result in a deduction; the money you spend does. Knowing this, make sure to keep a record of all of your receipts!
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Many modern cars with 100K-150K miles are in great condition and will easily go another 100K. However, if a car has not been maintained properly and has been driven hard or previously wrecked, it can be junk with only 30K miles on the odometer.
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Mileage Matters If you're buying a used car, mileage should be a huge factor in your decision. After all, a car's odometer is a measure of how much life it's lived — so a car with only 70,000 miles is worth a lot more than one that's covered 170,000 miles.
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Used Car Mileage Shopping Tips If the car has 100,000 miles on it, that's still nearly four years of driving to get to the average. In some cases, you can be fine buying a used car with 150,000 or even 200,000 miles on it, because maintenance helps them last far beyond what many people have come to expect.
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You should heed those warnings about depreciation – some cars do lose 30 per cent of their value during their first year on the road. “Realistically, nobody buys a car, drives it off the lot and sells it right after,” says Andrew Tai, CEO of automotive marketplace Unhaggle.
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Your car's value decreases around 20% to 30% by the end of the first year. From years two to six, depreciation ranges from 15% to 18% per year, according to recent data from Black Book, which tracks used-car pricing. As a rule of thumb, in five years, cars lose 60% or more of their initial value.
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New cars from a mathematical perspective are typically a waste of money due to their fast depreciation. On new vehicles, this means they will lose on average 22% of their value in just the first year. Within five years a new car will have dropped about 55% in value.
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You need to determine the salvage value of the car and to subtract it from the vehicle price to determine straight-line depreciation. You then divide this new total by the number of years the vehicle will be in service. The result is the amount of annual depreciation.
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It's long been a rule of thumb in the motoring trade that 'average mileage' equates to 10,000 to 12,000 per year. So do the sums in your head, and use this as a starting point for working out whether you think a car has been reasonably used.
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Car depreciation is the rate at which vehicles lose value over time. While every vehicle is subject to depreciation, the rate of value loss varies among vehicles. Vehicles lose value from the second they leave the lot to the day they're written off.
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All cars depreciate in value. ... BMW likes to price their cars pretty high from the factory, but any car will depreciate very rapidly. My mom bought a 2013 Elantra new, which was around $20,000 at the time. As of now, the car is worth around $10,500.
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An average annual mileage is about 10,000, so for a 3 year old car mileage between 25,000 and 35,000 would be reasonable. Anything over this could have been used for business and driven hard.