Posted by Sharon Taylor on 8/18/07 8:17am
Msg #206369

Excessive mileage - vehicle value drop

I've been planning to check this out for some time and finally got around to it. My 2005 Ford
Taurus SE 4-door sedan now has over 75,000 miles on it. According to the Kelly Blue Book, the standard mileage should be around 40,000, so it has already gone nearly double the standard mileage.
The value in Excellent Condition at 40,000 miles is estimated at $11,900.
The value in Excellent Condition at 75,000 miles is estimated at $10,400.
So the excess mileage due to the mobile notary work has cost me at least $1,500 - which amounts to a $750 per year depreciation in value that I can directly attribute to my work as a mobile notary.
I'm sure in actuality if I decided to sell or trade in the vehicle, I'd take a bigger hit since buyers don't like cars that have nearly double the normal expected mileage.
So this is yet another cost of doing business to consider when setting fair and reasonable fees.

Reply by Philip Johnson on 8/18/07 8:51am
Msg #206370

You drove 75,000 miles in 2 years for work?

I don't see in your calculation the mileage allowance from Uncle Sam. I am sure when you factor this in, you'll see that even you drove this car quite a bit that you were compensated for this mileage. The old adage is true that "you have to spend money to make money." It just so happens after taxes that our transportation for most is our largest expense.
The good news is that the new Taurus is the old 500 which seems to be a nicer car, so when the time comes to move up at least the new car will be nicer.