- More than 2.14 million vehicles in America may have had their odometers rolled back.
- Odometer rollbacks have increased by 18% since 2021, likely due to rising used car prices.
- Victims typically lose $4,000 in value, but extreme cases can be worth over $10,000.
Used car prices skyrocketed during the pandemic and still remain elevated today, despite cooling off in recent years. This has unsurprisingly made odometer fraud a very profitable business.
According to Carfax, more than 2.14 million vehicles on the road last year might have had their odometer rolled back. That’s up more than 18% from 2021 and estimates suggest more than 82,000 vehicles had miles ‘disappear’ in 2023.
More: Indiana Car Dealer Accused Of Rolling Back Odometers 14 Million Miles
California is the odometer rollback king as it’s believed to be home to 484,500 vehicles that have had their mileage rolled back. The Golden State was followed by Texas (294,200) and New York (97,400). However, the biggest year-over-year increases were seen in Virginia (11.7%), Arizona (8.0%), and Florida (6.4%).
Those are alarming statistics and the company says people who unknowingly buy a car with a rolled back odometer lose an average of $4,000 in value. However, the amount can vary significantly as the price difference between a 2018 Ford F-150 with 50,000 miles and one with 150,000 miles is roughly $10,000. That’s a lot of dough and it gives scammers a lot of incentive to rollback odometers and list cars on Facebook Marketplace and other such sites.
So how can you protect yourself? Carfax, unsurprisingly, suggests running a Carfax report. While that’s a good idea, simply googling the VIN can sometimes turn up previous listings showing mileage and condition.
The company also suggested having vehicles inspected by a mechanic. As they explained, if the spark plugs and wires look like they need to be replaced but there’s only 40,000 miles on the odometer, something’s off.
Carfax also noted the age-old adage, if it seems too good to be true, then it probably is. They also said to be wary of sellers trying to pressure you as that can be a warning sign.
