Your 100,000-mile clunker could be worth serious cash due to chip shortage
Even high-mileage car values aren't immune to increases as the chip shortage continues to squeeze inventories.
This truck is worth a lot of cash these days.
The cost of many goods is up across so many sectors as demand skyrockets and supplies fall short following economic reopenings resulting from the coronavirus pandemic. Cars are certainly not excluded, as the average new car price sits around $40,000 due to the ongoing chip shortage. Naturally, buyers are increasingly looking at used cars, and even cars with more than 100,000 miles on the odometer saw values increase wildly this year.
According to new research from Edmunds published Wednesday, vehicles sold at dealerships with odometers showing from 100,000 to 109,999 miles saw values jump by nearly $4,000. Yes, four grand. That's really great news if you own a higher-mileage car, and really poor news if you're shopping for a cheap set of wheels. In June 2021, the average car with 100,000 to 110,000 miles cost $16,489, compared to $12,626 last year. Edmunds said the 31% increase is the highest ever recorded for vehicles lumped into the category.
The higher values for 100,000-mile cars isn't just related to the pandemic, though. In fact, Edmunds said better technology and engineering is leading cars to much longer lifespans. High-mileage cars aren't automatically classified as a clunker when the clock strikes 100,000.
"We're seeing 7- to 8-year-old vehicles with more than 100,000 miles commanding prices today that are more like the cost of 5-year-old vehicles with 60,000 to 80,000 miles a year ago," Edmunds Senior Manager of Insights Ivan Drury said.
Unsurprisingly, 100,000-mile trucks were the hottest ticket for higher values. For example, a six-and-a-half-year-old Chevrolet Silverado commanded nearly $27,000 on average at a dealer last month. Last year, that same car was worth $18,000. If you've got an old truck sitting around, you may be in for a payday.
It's not all old trucks, though. The Honda Civic, Toyota Camry and more make the list of vehicles with the highest value increases year-over-year. Check them all out below.
Top 10 used vehicle values with over 100,000 miles
| Make | Model | Average age | Average price | Days to sell |
|---|---|---|---|---|
| Chevrolet | Silverado 1500 | 6.6 | $26,914 | 30.8 |
| Ford | Escape | 7.1 | $11,369 | 30.5 |
| Ford | F-150 | 7.2 | $25,924 | 30.3 |
| Honda | Accord | 8.4 | $12,633 | 27.4 |
| Honda | Civic | 8 | $10,907 | 28.3 |
| Honda | CR-V | 8.5 | $13,829 | 30 |
| Jeep | Grand Cherokee | 7.3 | $17,700 | 36.6 |
| Jeep | Wrangler | 8.6 | $23,084 | 29.7 |
| Ram | 1500 | 6.5 | $24,657 | 27.4 |
| Toyota | Camry | 8 | $12,057 | 27.3 |
