Quote:
Originally Posted by hayden55
Average car on the road is 12 years old so it is slightly important.
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True. It is also true that only 1.2% of used vehicles sold last year had more than 200K miles on the ODO. They exist - they just aren't a large percentage of the population.
Quote:
Originally Posted by hayden55
Plenty of old toyotas are still worth good money at 20 years old because people know they are still good vehicles.
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KBB says a 2003 Toyota Camry XLE with 250K miles is worth $4,000 in very good condition. Sounds reasonable. MSRP on a base XLE was $22,295 ($36,110 in today's dollars) so 11% of the original price. I would say that is pretty much fully depreciated. I really doubt anyone is going to pay to put a new engine or transmission in a 20 year old Camry with 250K miles. As I said, it is one major repair away from going to the scrap yard. Likewise a minor crash and the insurance company would scrap it.