Motorists facing financial constraints are encountering significant losses when it comes to selling or trading in their vehicles, as a result of undertaking vehicle maintenance themselves. This insight is brought to light by HonkHonk.co.uk, a platform facilitating car sales directly from consumers to dealers, which notes that the depreciation in the value of cars maintained at home often surpasses the savings garnered from avoiding professional garage services.
With the ongoing cost of living crisis, an increasing number of individuals are resorting to online video tutorials for guidance on basic car maintenance tasks such as oil changes and brake pad replacements. However, the initial cost benefits of these DIY efforts are frequently overshadowed by substantial decreases in the vehicle’s resale value.
HonkHonk emphasizes the importance of maintaining an official service record. Without it, car dealers are inclined to significantly lower their purchase offers to offset the cost of completing these services themselves. This issue is becoming more evident as customers report dealerships declining vehicles in good condition due to a lack of recent service history. Dealers also express concerns to HonkHonk about the necessity of guaranteeing a car’s maintenance to future buyers, often resulting in the dealership having to redo the work previously performed by the seller.
In extreme cases, this lack of a service history renders vehicles unsellable on the HonkHonk platform, despite the competitive environment where dealers bid for quality stock.
Sebastien Duval, CEO of HonkHonk, advises against the temptation to cut corners with vehicle maintenance, especially during financially tight periods. He underscores that dealers need assurance that a car has been properly maintained, as they bear the responsibility of ensuring its condition for future owners. This requirement frequently leads to a significant reduction in the vehicle’s offer price, negating any initial savings from home maintenance.
HonkHonk has shared examples illustrating how skipping professional services can result in greater financial losses than the savings made. For instance, a Range Rover Sport with missing service records received offers up to £4,900 less than its value with a full service history, in addition to losing £800 in trade value over 30 days listed for sale. Similarly, a Mini Cooper diesel and a Ford Fiesta 1.6 Petrol also faced reduced offers due to incomplete service histories, highlighting the costly repercussions of bypassing professional vehicle servicing.
