Missing service history could cut 19% off a car's value
Car sellers can expect to get 19 per cent less for their used car if it has an incomplete service history compared with one with a thorough history of all its servicing, new research suggests.
Research from Kwik Fit has found that 45 per cent of car buyers would not even consider a second-hand model that didn't have a full service history and, consequently, those who are willing to take the gamble would expect to pay a lower price for a car with missing documents.
This survey carried out by ICM quizzed a nationally representative sample of 2,003 car owners and discovered that the average used car without service history could be worth as much as £1,464 less than an equivalent car with a documented history.
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."
The importance of service history varies depending on buyers' age, however, with 57 per cent of older buyers insisting that they wouldn't buy a car without it, while only 33 per cent of 18-24-year-olds place the same value on it.