If you ask people for advice on buying a new car, most will encourage you to look for an automobile with a complete service history.
Many studies have been done over the years to determine how potential buyers understand the history of car service. If the date of service is missing or incomplete, the cost of the vehicle can be affected by 10% to 20%. The vast majority of buyers expect a significant reduction in the asking price.
What is a Full-Service History?
A vehicle’s service history is a collection of records detailing the history of the car, including:
- Work done on the car
- The date when the work was done
- The person or firm who completed the work
The service history usually includes a stamp from the garage where the service was performed. This stamp is valid only if the date and service mileage is included.
Importance of a Full-Service History
A car with a full-service history shows potential buyers that the automobile is well maintained. A well-organized and full-service history shows the buyer that the current owner is concerned about the vehicle. Although this is not 100% verification of the car’s past, it is a decent indication. The service history is essential in maintaining the value of your vehicle. According to a survey of 2,000 people, buyers should expect a 23% reduction in price if there is no service history.
Does a Car’s Service History Impact Its Value?
Depreciation is an essential factor in used automobile values. As soon as someone drives a new car for the first time, they lose car value. However, based on criteria such as your vehicle’s mileage, condition, and service history, the buyer will set the price accordingly. Nearly half of the 2,000 car owners polled by a survey said they do not consider buying a second-hand car without a full-service history.
Those who still buy a car with less information estimated a 19% reduction to offset the increased risk. With the average price of a used car in 2018 being £12,967, the full-service history when buying or selling a vehicle is approximately £ 2,463.
On most newer automobiles, the amount you lose due to not having a full-service history is much higher than the amount you save by avoiding primary dealer service.
No doubt, regular maintenance has a significant effect on the selling price of a vehicle. In addition, it significantly affects the life of the car. You can immediately assess its vulnerability to failures or mechanical problems that may result in additional road costs. Many things need to be checked by a certified mechanic. Depending on the manufacturer’s standards and service plan, the technician may replace fluids, oil, and other vehicle components.
Therefore, if you are considering selling your automobile in the future, ensure that you maintain its monthly maintenance. At the same time, make sure the service provider is a licensed professional and also keeps meticulous records of service.