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Car Loans customers who undertake a Used Car Search often rule out purchasing a vehicle which has done over 60,000 miles, new research shows.
Motorists looking for a used car are often put off by high mileage as they perceive it to have links with unreliability, a study by EurotaxGlass's found.
Car Finance customers are unlikely to part with their cash on cars which have done more than 100,000 miles, as such vehicles depreciate by up to five per cent each year. The average used car is three years old and has clocked up 40,000 miles.
Adrian Rushmore, managing editor at EurotaxGlass's, said: "There remains an additional stigma attached to a used car with more than 100,000 miles and many owners avoid passing through this psychological barrier during their period of ownership for fear of instant devaluation."
Research published last month by EurotaxGlass's found that the average value of used cars increased by 13.5 per cent between September 2005 and September 2007.
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