Motorists told best times to sell a car and when prices start plummeting
Buying and selling cars can be a tricky market. The price motorists are willing to pay will vary depending on the make and model of the vehicle, alongside its condition.
For example, with the rise of electric cars, some drivers might be seeking second-hand diesel vehicles for fuel economy. Other motorists may be seeking larger cars that are suitable for families, able to transport children with space to throw bags and sports equipment in the back.
No matter a driver's personal preference, though, there's considered to be a general set of rules when it comes to a vehicle's value and mileage. Overall, cars tend to lose their value fastest once they surpass 60,000 miles on the clock.
READ MORE: Motorists urged not to drive in certain item or face £5,000 fine
Get breaking news on BirminghamLive WhatsApp, click the link to join
If you cover around 10,000 miles a year, this means the value will start depreciating quicker after six years old. However once the overall mileage creaks past 100,000 miles, any extra miles after that won't really dent the car's value, according to AutoExpress.
Meanwhile, when it comes to the value of new model, the general consensus is that cars will lose 20 per cent of value for every 20,000 miles covered. For example, if you buy a car for £30,000, the value will drop to £24,000 after the first 20,000 miles, then £18,000 after 40,000 miles.