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How old is the used car you’re about to buy really? Is it as old as the used car dealer says it is, or what the carfax data on it, is that accurate either?
Fact is, unless you purchased the vehicle brand new or maybe you know the current owner – you can’t be anywhere certain about the a car’s true odometer reading.
How accurate are used car odometers today?
All this confusion as been caused by the rising rates of what’s called odometer fraud – and it’s sweeping the nation. According to a report from Car And Driver, “There are 1.9 million vehicles on the road today with incorrect numbers on their odometers”.
Just like a human, a car has a chronological age (date of manufacture -DOM) and it’s true age – as determined by the odometer. Which car would rather purchase a 2019 Corolla with 20,000KM or 2019 Corolla with 10,000KM?
What is Odometer fraud?
Odometer fraud is a type of fraud in which a car’s odometer is tampered with in order to falsely lower the number of miles on a car. This fraud is performed by individuals who are looking to sell a car to unknowing buyers, and thereby increase the car’s apparent value.
Why is this type of car fraud can be dangerous?
Odometer fraud is a problem for drivers because it means a car could potentially be sold with a much higher odometer reading than is actually the case, leading to greater wear and tear on the car’s components and potentially more frequent and costly repairs. Odometer fraud can lead to higher insurance premiums and a lesser resale value of the car, negatively impacting a driver’s finances.
