Is it bad to buy a car with over 100,000 miles?
To buy a car with over 100,000 miles can be risky. The reason why it can be a risk is that vehicle that has a great low price might be a on the verge of breaking down and needing repairs. If you have a good mechanic that might help you on the labor by saving money in that area but you still have to pay for the parts. The most expensive parts can be the engine and transmission.
If you are considering a car with high mileage, do research on the vehicle and check if it is known for mechanical breakdown. There are usually reviews of the vehicle and if there are the same issues happening then you can prepare just in case how much it would cost for repairs and if it would be worth it to make a purchase.
On cars that are not high maintenance, then your purchase might be worth it. The reason is that the repairs to maintain the vehicle are really low and you can probably get your moneys worth. Vehicles that are high maintenance are the ones you should be careful on. The repairs on a high maintenance can sometimes be more expensive than the car itself. Even though you may be driving a expensive car be prepared to pay expensive maintenance. If you try to purchase a warranty they will probably not cover a car with over 100,000 miles and especially that brand. If you are able to find a warranty company if will probably be really expensive and be short term coverage.
You might pay a little more with a car under 100,000 miles but check the price differences, if the price difference is not much then its better to go with a vehicle that is under 100,000 miles. Cars with over 100,000 miles are also worth 50 percent less than the market value.
Sometimes it is better to spend a little more with a car that has less miles because you can be saving yourself thousands more instead of saving a couple of hundred dollars by buying a risky car that can have mechanical issues in the future and to lose all the money you spent on your car.