Whether or not a car with over 200,000 miles is bad depends on much more than mileage. High-mileage vehicles are becoming more common on even new dealer lots. Here's what we know about super-high-mileage cars with over 200,000 miles.
Vehicles With Over 200,000 Miles
In the past, most car dealerships didn't often deal with vehicles that had more than 100,000 miles on them. Now, cars with 150,000 and even 200,000 or more miles are becoming more common. These vehicles used to get shipped to auction where they were scooped up by Buy Here Pay Here (BHPH) dealers.
Cars with over 200,000 miles on them tend to be older, typically early 2000s vehicles, but even some newer cars can pack on the miles. These days cars are being made to last longer, and the average age of vehicles on the road is around 12 years old.
These cars have a tendency to need more frequent and costly repairs than newer, or lower mileage models, though. But dealers know this, and they often put used vehicles through a rigorous inspection, especially when they're super high mileage cars. Vehicles with such high mileage on them often need some refurbishment before they can be sold, these vehicles usually have a good amount of wear and tear.
However, just because they're refurbished after inspection doesn't make them a guarantee – used cars, especially older, high mileage ones, are sold as-is.
Financing a High-Mileage Car
Cars with over 200,000 miles on them may not be bad necessarily, but they're certainly harder to finance than a lower mileage vehicle. For this reason, they're more likely to be cash purchases.
However, the times are changing. You might be able to finance an older, high-mileage vehicle at some dealerships, but the availability of financing is likely to vary. It can be especially hard to qualify for a loan on a high mileage vehicle as a bad credit borrower.
If you do qualify for an auto loan as a bad credit borrower, it's likely to cost you more than the car is worth. Bad credit borrowers tend to qualify for longer, more expensive loans than borrowers with good credit. It could also increase your risk of having to pay for a vehicle after it becomes undrivable.
Is a Car With Over 200,000 Miles Worth It?
Whether or not it's worth it for you to get a car with over 200,000 miles on it depends on your situation, and what you can find in your price range. Some of these vehicles are better left alone, while others can be a great deal and a decent vehicle. It's important to do your research and know what you're getting for the money.
Be sure to get all the vehicle history reports, and get an independent inspection before signing on the dotted line.
Another way to combat the risks of breakdown on your next car with over 200,000 miles, is to look for cars that are known to hold on to their reliability. Vehicles such as Honda, Toyota, GMC, Ford, and Chevy are known to hold on to their value and to run well past the 200,000-mile mark.