A new report by Carfax indicates that approximately 200,000 cases of odometer fraud every year costs U.S. consumers over $760,000.
Carfax studied Vehicle Identification Numbers (VINs) and examined over 12 billion pieces of information in its databases to come to a conclusion that 190,000 odometers are tinkered with yearly.
"Odometer fraud is a calamity for car buyers," said Larry Gamache, communications director at Carfax, in a statement. "There are serious problems that can arise from a rollback. Older, deteriorating parts lead to unexpected repairs while unperformed maintenance for the true mileage may compromise the safety and performance of these cars. Not to mention, each victim loses thousands of dollars because they pay much more than these cars are really worth."
Researchers determined that that there are approximately 1 million vehicles on the road with tampered odometers and that odometer fraud can cost those drivers over $700 million per year in unexpected repairs and lost value.
The biggest problem is that unlike with old mechanical gauges, there is no way to tell the odometer has been tampered with.
"What's alarming is the perception that odometer fraud went away with the advent of digital odometers," Chris Basso, Carfax public relations manager, said to Edmunds. "It's even easier now. Cars are computerized, and there are online tools that allow individuals to rollback mileage in seconds."
Carfax advises users that the best way to be sure the vehicle's wear and tear matches the odometer reading is by asking the seller for service records and writing down the mileage on them.
Only buy cars from trusted people or dealers, and be cautious when a deal seems too good to be true, because the vehicle is probably not what it seems to be.
It also never hurts to have a vehicle inspected by an impartial mechanic and order a vehicle history report from Carfax.
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