Consumers lose an average of $4,000 in value and that doesn’t include unexpected maintenance costs
Centreville, Va.—New numbers from CARFAX show odometer rollbacks are on the rise nationwide. More than 1.9 million vehicles on the road have had their odometer rolled back — a 7% increase from the previous year. Consumers lose an average of $4,000 in value from unknowingly buying a rolled back car, and that doesn’t include unexpected maintenance costs.
“Many people think odometer fraud disappeared with the invention of digital odometers,” said Emilie Voss, Public Relations Director for CARFAX. “But that couldn’t be further from the truth. We’re still seeing the number of vehicles on the road with a rolled back odometer rise year over year. It takes con artists a matter of minutes to wipe thousands and thousands of miles off a vehicle’s odometer, and unfortunately these swindlers likely see this unprecedented used car market as a way to make quick buck.”