PR Newswire
CENTREVILLE, Va., Dec. 10, 2024
Up More Than 18% Since 2021, Costing Unsuspecting Buyers Thousands of Dollars
CENTREVILLE, Va., Dec. 10, 2024 /PRNewswire/ -- Odometer fraud remains a widespread and serious issue for used car buyers across the country, CARFAX data shows. More than 2.14 million cars on the road may have had their odometer rolled back this year, up more than 18% since 2021, and up more than 82,000 vehicles from just last year.
"Odometer rollbacks can occur when an unscrupulous owner or seller of a car alters the miles that display on a car's gauge cluster," said Faisal Hasan, Vice President of Data and Public Policy at CARFAX. "This might be done as a way to avoid mileage charges in a vehicle lease or to dramatically increase the value of a car. Today's technology makes rolling an odometer back easier than ever." It can take a bad actor just seconds to roll back an odometer, causing unsuspecting buyers to lose an average of $4,000 in value, CARFAX found, not to mention the additional costs of unexpected repairs and potential safety risks.
"I located a beautiful Chevy 4x4 Truck that sounded perfect: Low miles, great condition, etc. When I ran the CARFAX on the vehicle, I discovered the truck had approximately 180,000 miles rather than the 108,000 stated," said Jimmy Hendon, a driver in Atlanta. "The mileage was so far off from the accurate mileage that it was crazy. CARFAX saved me thousands of dollars and no telling how many headaches."
Nine of the Top 10 states with the most vehicles with rolled back odometers saw an increase this year. Virginia saw the biggest spike last year, at nearly 11.7%, followed by Arizona, up 8.0%, and Florida, up 6.4%.
How to protect from odometer fraud:
- Check for potential odometer fraud at www.carfax.com/odo.
- Obtain the CARFAX report for the vehicle's history and check the title, maintenance, and inspection records to compare the mileage on the vehicle.
- Check out the wear and tear at the gas, brake, or clutch pedals.
- Always have a trusted mechanic inspect the car before a purchase. They should be able to tell if a vehicle looks older than its odometer suggests.
Editor's note: We have a media tour on Dec. 10, 2024. A CARFAX expert and a mechanic will be standing by to show how easy it is to roll back a vehicle's odometer in real-time. Localized data available upon request. Please contact Em Nguyen at [email protected].
About CARFAX
CARFAX, part of S&P Global Mobility, helps millions of people every day confidently shop, buy, service and sell used cars with innovative solutions powered by CARFAX® vehicle history information. The expert in vehicle history since 1984, CARFAX provides CARFAX Used Car Listings, CARFAX Car Care, CARFAX History-Based Value and the flagship CARFAX Vehicle History Report to consumers and the automotive industry. CARFAX owns the world's largest vehicle history database and is nationally recognized as a top workplace by The Washington Post. Shop, Buy, Service, Sell – Show me the CARFAX®.
S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.
View original content to download multimedia:https://www.prnewswire.com/news-releases/carfax-odometer-fraud-increases-nationwide-to-2-14-million-vehicles-302327017.html
SOURCE CARFAX
