There are certain auction announcements which always put a big smile on my face.
One of them is 'True Miles Unknown'. Another one more common in the Midwest is 'Not Actual Miles'. They both more or less mean the same exact thing.
Somehow, at some point, something got screwed up with the odometer history. And there it sits.
Most folks assume the worst, But The car may have absolutely no issues at all. Not even with the odometer. Here's why.
That announcement can come from three different unique events.
1. The odometer was actually replaced.
2. The odometer no longer works.
3. There was a clerical error on the title where the mileage was recorded incorrectly.
In the first example, you can guesstimate what the mileage is based on the vehicle history. Take the average miles driven annually. Figure out the date of replacement (call the dealership that serviced it). And then use simple math to calculate the current mileage.
Number two requires the car had the same owner between the odometer no longer working and right now. If so, you can use a rough estimate to figure out the right answer. Also sometimes a car's computer will still record the mileage even if the odometer is inop or unreadable.
My favorite is number three. The botched title. Either a title clerk accidentally checks off a box on the back of the title saying 'True Miles Unknown', or the wrong mileage is recorded by accident and the title gets processed.
This morning I bought this 2012 Volkswagen Golf. It's a one owner with 27 service records. The title history is perfect according to the Carfax. But the wrong mileage was recorded on the back of that title.
The odometer works perfectly fine.
On average a 'True Miles Unknown' vehicle is between 10% and 30% cheaper. The smaller the transaction price, the bigger that percentage discount.
I'll have around $3700 in this VW Golf. The maintenance history is excellent and as I mentioned, the odometer works fine as well. While a clean title version would sell for around $6900 I'll be retailing this rust-free one owner VW Golf for $5500. About 20% less.
If you're the type who keeps your daily driver for more than 180,000 miles, a vehicle with this type of disclosure represents a great value. It doesn't affect your insurance rates or registration costs. Just the price you pay at the point of purchase, and how much you keep in your bank account.
So have you ever bought one? How did it turn out?
One of them is 'True Miles Unknown'. Another one more common in the Midwest is 'Not Actual Miles'. They both more or less mean the same exact thing.
Somehow, at some point, something got screwed up with the odometer history. And there it sits.
Most folks assume the worst, But The car may have absolutely no issues at all. Not even with the odometer. Here's why.
That announcement can come from three different unique events.
1. The odometer was actually replaced.
2. The odometer no longer works.
3. There was a clerical error on the title where the mileage was recorded incorrectly.
In the first example, you can guesstimate what the mileage is based on the vehicle history. Take the average miles driven annually. Figure out the date of replacement (call the dealership that serviced it). And then use simple math to calculate the current mileage.
Number two requires the car had the same owner between the odometer no longer working and right now. If so, you can use a rough estimate to figure out the right answer. Also sometimes a car's computer will still record the mileage even if the odometer is inop or unreadable.
My favorite is number three. The botched title. Either a title clerk accidentally checks off a box on the back of the title saying 'True Miles Unknown', or the wrong mileage is recorded by accident and the title gets processed.
This morning I bought this 2012 Volkswagen Golf. It's a one owner with 27 service records. The title history is perfect according to the Carfax. But the wrong mileage was recorded on the back of that title.
The odometer works perfectly fine.
On average a 'True Miles Unknown' vehicle is between 10% and 30% cheaper. The smaller the transaction price, the bigger that percentage discount.
I'll have around $3700 in this VW Golf. The maintenance history is excellent and as I mentioned, the odometer works fine as well. While a clean title version would sell for around $6900 I'll be retailing this rust-free one owner VW Golf for $5500. About 20% less.
If you're the type who keeps your daily driver for more than 180,000 miles, a vehicle with this type of disclosure represents a great value. It doesn't affect your insurance rates or registration costs. Just the price you pay at the point of purchase, and how much you keep in your bank account.
So have you ever bought one? How did it turn out?
