And a personal example: I owned an airplane in Alaska which had a pretty interesting history early in its life, much of which was documented in its first couple logbooks. Back then, operators logged each flight in the airplanes logbook.
While I owned the plane, I left the logbooks with a maintenance outfit, (duh) and somewhere along the line the first logbook disappeared. I sure couldn't blame the maintenance outfit.....I'm the one who left the books there.
Anyway, I was sorely dismayed at the loss of that book, but when it came time to sell, it made no difference whatever in the price. This airplane had some damage, which was easy to see and verify it'd been fixed right. That repair was in later book.
The plane I owned next was missing early logbooks, but had just come out of total rebuild......again, who cares? Look at the rebuild work, the FAA records to verify everything is documented and move on.
My employer was procuring a Cessna 206, and there was a newly rebuilt one near where I lived. Our maintenance outfit had viewed the maintenance. logs on line, and asked me if I'd go take a quick look to see if they should order a pre buy. I took a quick look, called our maintenance outfit and suggested they have a local mechanic look at the right wing, but nothing else, to start. They did, the mechanic said run, don't walk, and they bought a different plane. The repairs were logged, but really ugly, and probably not legal. Great logs, though.
Certainly not true in all cases, but as Contact noted, I've seen some real turds with great logbooks, and some great airplanes with poor logbooks. I'll take the latter any day.