Lack of history loses 20% of car value
PUBLISHED: 11:10 11 September 2014 | UPDATED: 11:10 11 September 2014
A car being sold without a full service history is worth a fifth less on average than a car with a fully-stamped service book. This amounts to an average of £1,464 for the typical used car sold in the UK with a price of £7,706.
A study by Kwik Fit found buyers expect a 19% discount for cars with incomplete or no service history, which is costing the used car industry £10bn a year in lost revenue.
Almost half (45%) of car buyers say an incomplete service history is a deal breaker as they would not consider buying a car that doesn’t have a full service history.
Older buyers see the greatest value in a full service history with 57% insisting they would not buy a used car without one. This compares to just 33% of buyers aged 18 to 24.
At almost a quarter (23%) of buyers in London expect the biggest price cuts for an incomplete service record – around £1,772. Those in the South West would seek the smallest at 15% – around £1,156.
Roger Griggs, communications director at Kwik Fit, said: “Car owners often skip services to save money but, in the long run, this can end up being very costly. Not only does it reduce the vehicle’s value, it also makes the pool of potential buyers much smaller, making it harder to sell.
“Having a record that shows regular servicing gives prospective buyers confidence that a car has been well maintained, so even if you have one or two missing, frequent servicing is still important.”