Is Buying a 10-Year-Old Used Car a Good Idea? - Family Auto of Easley (2024)

FAQs

Is it wise to buy a 10-year-old car? ›

Buyers looking for a cost-effective option may find that a 10-year-old car provides good value for the money. Depreciation Slows Down: By the time a car reaches the 10-year mark, the initial depreciation has likely slowed down. While it continues to depreciate over time, the rate is generally more gradual.

The average mileage a car accrues per year is 12,000 miles. Given that number, the average 10-year-old car should have roughly 120,000 miles on the odometer. You can use these numbers to determine if the car you're looking to buy is considered to have high mileage or low mileage for the age of the vehicle.

The optimal time to purchase a used car is typically between 2 to 5 years old. Within this age range, the vehicle has already experienced the most significant depreciation, yet remains relatively new and in good condition.

Cars older than eight to 10 years will be a riskier option, depending on the driving and maintenance history, while vehicles over 15 to 20 are usually nearing the end of their service lives.

Within the first year, many cars will lose up to 20% of their value. After that, they may lose about 15% more per year until the four-or five-year mark.

Experts agree that the common rule of thumb on mileage for a used vehicle is roughly 12,000 miles added for each year of ownership. That means, for example, good mileage for a used vehicle that's five years old would be around 60,000 miles.

Vehicles built in the last 10 years will run well over 100,000 miles with few issues when properly maintained. Most manufacturers design engines and drivetrain components to last longer than ever. Some brands even back their vehicles with lifetime warranties because they're confident in their construction.

If you're a high mileage driver, then it's important to focus on the car's mileage rather than its age. This is because a car with low mileage is likely to be more reliable and require less maintenance than a car that has a high mileage. But if you don't drive a lot of miles, then age may not be as important.

Classic car definition: Even more loosely defined, and still dependent on the organization, classic cars might include antique, vintage, and collector vehicles that are at least 10 to 25 years old.

A wary buyer should use as a general rule of thumb that most cars are driven 12,000-15,000 miles per year. If a vehicle is 10 years of age, it should have between 120,000 miles and 150,000 miles on the odometer.

At what mileage is a car considered old? ›

Under normal circ*mstances, a vehicle with 40,000 miles may be considered relatively new, even if it's several years old. A younger vehicle with 140,000 miles would be considered significantly older, but that doesn't necessarily mean it's in bad condition.

If you take care of your engine, regularly change oil and other vital fluids on time and keep up with wear and tear, your engine may very well last 500,000 miles. It might even last forever!

How long should you keep a car? A typical car is expected to last 200,000 miles or more, with electric or hybrid vehicles going up to 300,000 miles. If you drive the average number of miles for an American, a typical car should last you about 14 years and an electric car will last about 21 years.

Older vehicles often require more frequent maintenance, and some components may need replacement due to age-related wear. The overall cost of ownership can increase significantly as the car ages, potentially outweighing the initial savings on the purchase price.

People are often surprised by how much it costs to keep an older vehicle running, but it is almost always cheaper to repair your car than buy a new one. New cars benefit from modern safety technology like backup cameras. This might be reason enough for someone to favor buying a new car.