NHTSA: Odometer Rollback a Big Problem
The National Highway Transportation Safety Administration (NHTSA) says that over 450,000 used cars are sold each year with the mileage on the odometer rolled back. The NHTSA knows this because it was ordered by Congress to conduct a study to determine if odometer fraud was a problem. According to the NHTSA, it examined the title transfers of 10,000 vehicles and its own database of known odometer fraud.
Researchers calculated that 3.4 percent of vehicles less than 11 years old have had their odometers rolled back. NHTSA says the major culprits are buyers of fleet vehicles like rental and leased cars that rack up a lot of miles in a short period of time. Once it required some special tools and a watchmaker's skill, but with today's electronic gauges, a laptop and a little know-how available on the Internet is enough to do the job. NHTSA calculates that on average, used car buyers pay $2,336 more than they should for a vehicle when the odometer has been rolled back.
Please visit our Odometer Fraud website for more information about: Odometer Rollback and Odometer Fraud.