[COLB]

Originally Posted by Bash

How much does the previous ownership & what they used the car for effect pricing? I am not speaking to a "collector car" that only has short mileage but the more regular cars we are seeing out there 120 000 miles +.
These cars are now all approaching 30 years old, in some cases much more. Are there more gremlins in the cars that have been driven or the ones that have been used for the occasional Sunday drive?

You have two questions that are a little bit different.

First, the ownership history and prior use is definitely going to have an effect on value. A one owner car, with extensive records that document mileage and service is going to add significant value. Especially if it demonstrates careful ownership and consistent driving.

This gets to your second point -- a car that has been driven consistently over its lifetime -- and has 120k+ miles is very likely to be more reliable and less needy than a car that has sat unused for long periods of its life -- provided the records show repair of "wear" items and regular maintenance (oil changes, trans oil changes, belts, valve adjustments, various sensors, bushings, etc).

Rubber ages, seals dry out and leak, hoses crack & fail, caliper pistons rust & seize -- these things occur with time, but are accelerated when fluids don't regularly circulate and reach operating temperature. Condensation collects, rusting internal parts, etc.

As several other posters have described, a 60k car that has been driven 1000 miles in the last 10 years is likely going to require major work once it starts getting driven, and the results of the neglect become apparent.

Another factor on how the PO used the car is track use. Most people will assume that a car that was tracked regularly is going to take a value hit, because track cars tend to be driven hard (which accelerates wear), often have significant modifications, and frequently end up hitting things.

Four point harnesses, holes/welds/bolts where roll bars/cages used to be mounted, tilted gauges, track specific mods like sold motor mounts -- things like that will be warning signs that a car has been flogged, may have worn internals, and could be bent.

However, a car with a redone suspension and performance mods to the engine might increase the value of a car, even if it had track use -- provided it is still pretty stock, sound cosmetically, and records show it is well maintained & not clapped out. (I exclude track specific builds that are essentially race cars -- their value depends entirely on the quality of the build)

All that being said, a lot of these are generalities -- and different buyers care about different things. Some don't know enough to appreciate the difference between a well maintained and a poorly maintained car, and put more value on odometer mileage (almost always dubious) than they should.

Other know, but don't care -- they may intend on doing a major overhaul anyway, and starting with a needy 80k car now is going to give them more back end value than starting with a 130k car that may actually be in better condition. The more I learn about these cars, the more I come to appreciate that point.

Mileage definitely affects peoples perception of value -- especially for first time buyers. Since they are an increasingly important part of the buying market, that shouldn't be discounted. But serious, experienced owners on this site (not me) can tell you how many "low mileage" cars are totally unverifiable, and all mileage claims should be taken with a huge grain of salt -- including the majority on Ebay.