(Our Auto Expert) – Odometer fraud, once thought to be a relic of the past with the advent of digital odometers, is surging in 2023. Shockingly, CARFAX data reveals that approximately 2.1 million vehicles currently on the road have had their odometers tampered with, representing a worrisome 14% increase since 2021.
CARFAX Editor-in-Chief, Patrick Olsen, warns consumers of the alarming resurgence of this fraudulent practice. To shed light on the severity of the issue, Olsen conducted an eye-opening demonstration with the assistance of an Atlanta Speedometer technician. This live demonstration showcased just how rapidly scammers can alter mileage readings on digital odometers, leaving unsuspecting buyers in the lurch.
During the demonstration, viewers witnessed the odometer’s mileage being manipulated within mere seconds. The implications of this scam are profound, as it directly affects the vehicle’s value. Patrick Olsen emphasized that consumers unknowingly purchasing vehicles with rolled-back odometers face an average loss of $4,000 in value, in addition to potential unexpected maintenance expenses and safety hazards.
Olsen has also made localized odometer fraud data accessible for individual states and DMAs, allowing consumers to gauge the prevalence of this issue in their specific area.
To protect potential buyers, CARFAX offers a complimentary tool where users can check used cars for potential odometer fraud. This vital resource can be found at www.carfax.com/odo, helping individuals make informed decisions when purchasing used vehicles.
