How Much Is A 10 Year Old Car Worth?
Cars greatly depreciate in value over time, with an average depreciation of about 50-60% within the first five years of age. This depreciation rate, however, slows down after the five year mark. There are many factors to consider when determining a used car’s value over the course of its ownership. These factors include:
- Age
- Mileage
- Fuel Economy
- Consumer Demand
- Condition
- Reputation
Starting with age, the value of a car depreciates every year after it’s been purchased. Factors such as the condition and mileage of your car are also significant. A car that’s sat in a garage and been maintained and minimally driven for a decade will sell for a very different price for a high mileage car that’s seen better days.
The average car is driven 12,000 miles a year, meaning a 10 year old car has typically gone at least 120,000 miles. A high mileage car, meaning any car with over 100,00 miles, is much harder to sell due to the expensive maintenance it will require for the new owner.
How Quickly Do Cars Depreciate In Value
While there are a myriad of factors that influence how and why a car loses value, there remains one unshakeable truth: new cars depreciate in value much faster than used cars do. The speed at which cars depreciate is as follows:
- After One Minute a brand new car will lose an average of 10% of its value the moment it is driven off of the dealership lot. That means a $20,000 vehicle is immediately worth $2,000 less once those wheels hit a public road.
- After One Year a new car has suffered its biggest drop in value. Those first 12 months of ownership will result in a car being worth 20% less than what it was purchased for. That $20,000 car is now only worth $16,000.
- After Five Years the car will have lost around 60% of its total value. The steep dip of the first year is replaced by a 15-25% depreciation each following year until the five year mark. That $20,000 is now worth
How Much Do Cars Depreciate After 10 Years?
By the tenth year, your car has lost the majority of its value and is nearly worthless. That said, you can still get something for your vehicle when sold during its tenth year and beyond.
What Can I Do With A 10 Year Old Car?
Knowing how age and mileage affect resale value, you may be wondering “what can I do with a 10 year old car?” There are several options available, but they aren’t all equal. To get the most cash out of your old car, you’ll need to do your research.
Keep Up with Repairs: You have the option to keep your car and maintain the repairs. However, the more mileage you put on your car increases the amount of maintenance it will require. The cost of these repairs can add up quickly and outweigh the value of your vehicle.
Selling Privately: When it comes to selling an older car, your likelihood of selling it privately is pretty low unless you have a low mileage older vehicle that was maintained well.
Trading In: If you’re in the market for a new car, trading in at a dealership may seem like an appealing option. However, depending on the condition of your car, you may need to pay to have it towed there.
Furthermore, since dealerships specialize in selling working cars, if your vehicle needs repairs then the dealers are likely to lowball you for its trade-in value.
Junkyards: Traditionally, junkyards have been a reliable place to sell old cars that don’t have much resale value left. However, the process of selling your car to one can be cumbersome.
Junkyards make their profit from buying and parting out your vehicle. They’re likely to not pay you what the car is actually worth and even charge you for towing, further cutting into or eating up any profits entirely.
Selling Online: Online services are quickly becoming a more popular way to sell cars. Selling a car online allows you to attain quotes from the comfort of your own home, avoiding the hassle and cost of towing your car to different places for inspection.
Selling online also puts you in control of your selling schedule, giving you time if you need it or cash fast if you need to sell quickly. Safe, reliable services like Car-Worth offer the best price for your car and the least hassle to get it sold!
CarWorth Buys 10 Year Old Cars
Car-Worth will buy cars in any age or condition! Our trusted buyers guarantee you the best price for your used car, and a quick and easy process that can have your car sold in just days.
- Get a free, guaranteed quote in as little as 90 seconds! Have some basic information about your car ready and you can have a quote that’s guaranteed for seven days, giving you time to think or shop around should you need to.
- Set your pickup! Once you’ve accepted your quote, pick a time that works for your schedule. One of our experienced tow drivers can come to you in as little as 24-48 hours!
- Complete your sale. It’s as easy as that! Our driver will help complete the title transfer, that way you can rest easy knowing you’re no longer responsible for your vehicle.
Then you’ll receive your cash! Selling with Car-Worth really is fast, easy, and will get you the cash you deserve.
What is a car’s value after 10 years?
There’s no one answer to this question, as it varies based on your car’s condition and mileage. That said, cars depreciate in value by year and tend to be worth a lot less by ten years of age.
If your car is in great condition, you can assume an average loss of 10% of value per year. Cars with over 100,000 miles are also worth less and hard to sell privately.
Car-Worth is always happy to accept cars of any age, mileage, or condition!
Is it worth repairing a 10 year old car?
Minor repairs to keep your car running if there’s nothing major happening may make sense in the short run, but those trips to the mechanic will only get more frequent.
Plus, high mileage cars require additional (and costly) maintenance and inspections to keep running safely.
While repairs may be cheaper than a new car for a few months, selling your 10 year old car with Car-Worth will let you invest in a new car that won’t need frequent fixes!
It’s a Quick and Easy Process
Tell us About Your Vehicle
Answer a few quick questions and provide a picture if you can.
Offer
In less than two minutes, you’ll have a guaranteed offer.
Get Your Offer
In less than two minutes, you’ll have a guaranteed offer.
Get Paid
Within 24-48 hours, we will tow your car for FREE and pay you on the spot!
