Odometer fraud, an age-old scam many believe no longer exists, is alive and well in the digital age. In fact, new research shows it’s one of the scams used car shoppers need to be on the lookout for most in 2019. Carfax data suggests more than 1.5 million vehicles on the road have had their odometer rolled back, a 19% increase over the previous year. Innocent buyers lose thousands to criminals who use equipment readily available online and take advantage of loopholes in the law to alter the mileage on used cars.
Used car expert Chris Basso of Carfax demonstrates how quickly this scam can be done. Consumers lose an average of $4,000 in value and unexpected repair costs from unknowingly buying a rolled back car.
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