Used car buyers expect a reduction of almost a fifth in the price of a used car if it does not have a full service history. Research carried out by Kwik Fit also indicates that 45% of used car buyers would avoid a car altogether if it does not have a full maintenance record. The same report also concludes that on average, a full service history boosts a car’s value by £1,464, a sum it calculates is worth £10 billion to the used car market annually. This calculation assumes an average used car value of £7,706.
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.’
Interestingly, 37% of respondents say they place the same value on a service history from an independent garage as they do from a main franchised dealer. 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 younger buyers (those aged 18 – 24).
