A lot of people still think that, once a car has been driven more than 100,000 miles, there’s not much value left in it. That hasn’t really been true for decades, but it’s especially wrong now.
Used car prices have been driven to extremes recently thanks to a combination of demand from consumers wary of taking public transportation and a major shortage in the computer chips needed to make new cars. That superheated market is pushing prices higher, even for cars and trucks with six-digit mileage.
Trucks are showing the biggest increases, something that’s true among used vehicles of all ages and mileages. Average values for Chevrolet Silverado 1500 pickups with over 100,000 miles on them increased almost 50% to $27,000 while Ford F-150s of similar age are now worth roughly $26,000, a 43% increase. (These are retail used vehicle values — in other words, what a dealer could sell these trucks for. An owner selling the vehicle directly to another person or to a dealer should not expect to get quite that much.)
Read the article at CNN Business.