Annual miles drive used car prices

Maxim Engers; Monica Hartmann; Steven Stern

doi:10.1002/jae.1034

Annual miles drive used car prices

Maxim Engers
, Monica Hartmann
, Steven Stern

Economics

University of Virginia
University of St. Thomas, Minnesota

Research output: Contribution to journal › Article › peer-review

23 Scopus citations

Abstract

This paper investigates whether the net benefits from owning a vehicle, proxied by annual miles driven, explain the price declines observed over a vehicle's life. We first model the household decision on how much to drive each of its vehicles. Then we empirically establish that variation in household annual miles across brands explains observed price declines. Furthermore, the effect of vehicle age on annual miles decisions (and consequently on market value) depends on household characteristics and the composition of the vehicle stock owned.

Original language	English
Pages (from-to)	1-33
Number of pages	33
Journal	Journal of Applied Econometrics
Volume	24
Issue number	1
DOIs	https://doi.org/10.1002/jae.1034
State	Published - Jan 2009

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10.1002/jae.1034

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abstract = "This paper investigates whether the net benefits from owning a vehicle, proxied by annual miles driven, explain the price declines observed over a vehicle's life. We first model the household decision on how much to drive each of its vehicles. Then we empirically establish that variation in household annual miles across brands explains observed price declines. Furthermore, the effect of vehicle age on annual miles decisions (and consequently on market value) depends on household characteristics and the composition of the vehicle stock owned.",

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Annual miles drive used car prices

Abstract

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