Comparing Cars With Different Number of Miles

[HighHP]

I bought my GT last May. Did quite a bit of research on asking price. My base to figure price from was an 8000 mile car with all four options at $260,000. From this I found that asking price varied by $2/mile for miles above and below. Take away one option and the price dropped $10,000, two options by $20,000. Bottom price for high mileage and salvage was around $190,000 - $200,000. Once mileage got below 1,000 or 1,500 the price jumped significantly. Color and year did not matter, except heritage. I was working on a formula or algorithym to post to determine price, but it was taking too long. It seems cars with mid-mileage are now selling for about asking price and there aren't many out there. Last May there were more to choose from. I assume this would mean upward pressure on price.

 

[GT@50]

What about the $250k Blue White car that is in California and was apparently owned by Gretzky?

I'd love to buy that car.

QSS

I think 250 is min bid, reserve not met

 

[Shark01]

I bought my GT last May. Did quite a bit of research on asking price. My base to figure price from was an 8000 mile car with all four options at $260,000. From this I found that asking price varied by $2/mile for miles above and below. Take away one option and the price dropped $10,000, two options by $20,000. Bottom price for high mileage and salvage was around $190,000 - $200,000. Once mileage got below 1,000 or 1,500 the price jumped significantly. Color and year did not matter, except heritage. I was working on a formula or algorithym to post to determine price, but it was taking too long. It seems cars with mid-mileage are now selling for about asking price and there aren't many out there. Last May there were more to choose from. I assume this would mean upward pressure on price.

Great information, thanks.

 

[Shark01]

OK, tried High HP’s formula on 6 cars where I knew (or know I was very close to) the sold price. The only difference I made was neglecting the option discount (but most are 4 option cars anyway (one was 3). Nor did I make any distinction between colors, although we all know there are certain generally accepted color premiums along with personal tastes. All the cars I put into the formula were stock or pretty close.

I liked the accuracy of the formula. On the cars where the miles varied from 4k miles to 17k miles (4 cars), all results were 3.2% or less away from the formula prediction….and in all cases the percentage was negative, which means these cars were bought at a slight discount to the formula predicted price.

I also tried the formula on two cars with miles at or exceeding 30,000. One was really close to the predicted price (1.85%), the highest mile car was way off (14%). And in both cases, the cars were bought at a premium to the formula pricing. So at some point the dollar per mile basis should be reduced.

As far as the basis for comparison (8k mile car for $260k), I think it is a valid view of the market today, I have seen many cars with those miles in the $260-$270k ask range.

Another confirmation appears to be these cars are very price sensitive to miles in the 4k to 17k area, even more so than the more common exotics…..so either let ‘em sit with the plastic wrapper on or drive the hell out of them.

 

[spartan]

I thought less options increases the price.

 

[HighHP]

Here is the graph based on actual realistic asking prices with some rounding. These cars now seem to be selling at about asking price. Each point includes all four options. Amazing how it forms a line. I could not get microsoft trend line to develop a formula. I did start to work on an asymptote formula, which would work, but it was taking too long. I could not attach the excel spread sheet so I copied the info below. The comment in the post above is correct, $2/mile only works in the middle mileage range. Since, it is a curve, the $/mile does vary. Have fun.





Miles Price
80000 190000
30000 225000
25000 230000
20000 235000
15000 245000
10000 255000
5000 270000
3000 280000
2000 290000
850 300000
400 305000
100 308000
10 310000

 

[2112]

I thought less options increases the price.

I have heard this here before and have never witnessed it personally.

What I have seen is that very expensive options, like those on P cars and F cars do not necessarily return the big upfront cost at time of resale.

 

[centerpunch]

Other than Heritage paint, which has turned out to be an excellent investment for folks who have those cars, I haven't seen any evidence of options really affecting the price at all. Most cars have most options, and most buyers also seem to want most options.

Although there are very few no-stripe and no-mac cars, there seem to be correspondingly fewer folks interested in those cars. (But I am one of them!)

 

[GT@50]

I like the look of the stripes so I'll go for a striped car.
On the rims. I'm thinking the base rims might bring more down the road because most cars I've seen have the BBS.
I like the look of the BBS but that isn't a deal breaker for me.

 

[KJD]

Although there are very few no-stripe and no-mac cars, there seem to be correspondingly fewer folks interested in those cars. (But I am one of them!)

I'm with you, no stripes and definitely no sub.

 

[Ed Sims]

.....Of course if some nice owner wants to sell me their 15k mile good condition clear title car for $235k I could stop obsessing over esoteric stuff and start driving

You can always go the American way & get a loan!

Ed

 

[Shark01]

You can always go the American way & get a loan!

Ed

I’m considering that to get up into the $260k buy area, got an approval from a place just yesterday. I haven’t had a car loan in well over a decade now and the concept feels really strange, especially for a toy. Even bought my Diablo Roadster in cash.

It’s really surreal to be a pauper in a Ford forum LOL

 

[Awsum GT]

Fly to California... you will not be disappointed

 

[nota4re]

I've had this same discussion with many buyers before. I'd really recommend that you buy a car that has been well taken car of but has as many miles as possible. Yes, the higher miles will likely allow you to spend less, but it's my (somewhat educated) opinion that you will enjoy the car more - because you will drive it. If you pay a premium and get a very low mileage car, you are going to have this nag in your head each time you contemplate to take it out - something along the lines of, "man, I'm adding miles and diminishing the value/premium that I just paid." My two cents says, buy the highest mileage car you can. You aren't gonna wear it out. We routinely service GT's with 20K miles or more and many are just as nice as the ultra-low mileage cars that we see more frequently. Car condition is more of a function of the owner than it is the mileage.

 

[twobjshelbys]

I've had this same discussion with many buyers before. I'd really recommend that you buy a car that has been well taken car of but has as many miles as possible. Yes, the higher miles will likely allow you to spend less, but it's my (somewhat educated) opinion that you will enjoy the car more - because you will drive it. If you pay a premium and get a very low mileage car, you are going to have this nag in your head each time you contemplate to take it out - something along the lines of, "man, I'm adding miles and diminishing the value/premium that I just paid." My two cents says, buy the highest mileage car you can. You aren't gonna wear it out. We routinely service GT's with 20K miles or more and many are just as nice as the ultra-low mileage cars that we see more frequently. Car condition is more of a function of the owner than it is the mileage.

And unlike a Ferrari you don't have looming on the horizon a service that costs as much as another car. They are very easy to maintain yourself.

 

[Tomcat]

I've had this same discussion with many buyers before. I'd really recommend that you buy a car that has been well taken car of but has as many miles as possible. Yes, the higher miles will likely allow you to spend less, but it's my (somewhat educated) opinion that you will enjoy the car more - because you will drive it. If you pay a premium and get a very low mileage car, you are going to have this nag in your head each time you contemplate to take it out - something along the lines of, "man, I'm adding miles and diminishing the value/premium that I just paid." My two cents says, buy the highest mileage car you can. You aren't gonna wear it out. We routinely service GT's with 20K miles or more and many are just as nice as the ultra-low mileage cars that we see more frequently. Car condition is more of a function of the owner than it is the mileage.

Nota4re has helped my east coast friend purchase a 17k GT I have a 42k GT...we both drive/enjoy our GTs often (without worry)!

 

[Shark01]

I've had this same discussion with many buyers before. I'd really recommend that you buy a car that has been well taken car of but has as many miles as possible. Yes, the higher miles will likely allow you to spend less, but it's my (somewhat educated) opinion that you will enjoy the car more - because you will drive it. If you pay a premium and get a very low mileage car, you are going to have this nag in your head each time you contemplate to take it out - something along the lines of, "man, I'm adding miles and diminishing the value/premium that I just paid." My two cents says, buy the highest mileage car you can. You aren't gonna wear it out. We routinely service GT's with 20K miles or more and many are just as nice as the ultra-low mileage cars that we see more frequently. Car condition is more of a function of the owner than it is the mileage.

I certainly agree with this for how my search started, the market for higher mile cars with corresponding lower prices is just nuts. My probable driving plan is 1,000 miles a year or so.

 

[Shark01]

Fly to California... you will not be disappointed

I bet you’re right about that....do I need a passport if I’m coming in from the USA?

 

[Howard]

Another data point for high mileage FGT's: Mine has 42K; the ride and performance is indistinguishable from new.

 

[nota4re]

My probable driving plan is 1,000 miles a year or so.

D O N OT R E S I S T T H E F O R C E !