Cars with high miles and their value, or lack of...
At one point they are worth NOTHING, and far before the one above.
Ladies and Gentlemen, I’ll keep this a somewhat short blog post, but we really need to address the idea of cars for sale on the different sites with 150-210K and more miles on them for sales. I am floored when I see things like a 2002 BMW Z3 with 175K miles on it selling for $6000.00. I always want to ask the seller, “Do you mean pennies?” “Do you want 6000 pennies? It truly floors me, that car is worth basically nothing. Do you all know how much that is to repair that motor? And then all said and done the transmission is next to go, with a brand new motor placing pressure on it. The interior on these is tired, every hose in the car is old, and brakes are worn, and I don’t mean the commonly serviceable parts, I mean the parts you don’t see nor hear about needing to change after a full lifetime of the car. Do you know what happens to Wheel bearings at 150K? You do, they go bad. All of them.
So, I’ve seen decent deals on the above motor rebuild at $7000.00. That makes the car, for just those two things $13,000 USD, not PENNIES! With everything else starting to go bad, and not at all a classic car, this is just a bad bad bad bad, more for effect, BAD BAD, idea!
So, some advice, if you are in love with a car that is NEWER than 1975 (not at all a classic) do some homework, and know what you are getting into in the worst-case scenarios. Price out the motor and transmission rebuilds. And know that the windows will stop going up, and the seats are going to be worn out, etc… Unless it’s a classic (or maybe a 4runner) there is no time that will buy a car with over 120K for more than a few thousand AT BEST. There are some exceptions, but RARELY.
Be careful out there, and please stop getting taken advantage of by people asking insane prices for their cars based on what they paid for them new or even used with half the miles that they are selling them for!
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