CARFAX: Odometer Rollbacks See Dramatic Jump of 14% to 2.45 Million Vehicles | SPGI Stock News

Alarming Spike In Odometer Fraud Since Last Year Costing Unsuspecting Buyers Thousands, /PRNewswire/ -- Odometer fraud is a serious and growing concern for used car buyers across the country. New CARFAX data shows roughly 2.45 million cars on the road are suspected to have had their odometers rolled back, a sharp 14% increase from just last year. To put that into perspective, 2023 to 2024 saw a 4% increase year-over-year."Odometer rollbacks occur when someone alters the mileage stored in a vehicle's electronic systems to make it appear less driven," said Faisal Hasan, Vice President of Data Acquisition at CARFAX. "As modern vehicles have transitioned from mechanical to digital odometers, tampering has unfortunately become more common due to the wider availability of inexpensive tools. At the same time, a car's mileage is now recorded more often, which helps us identify discrepancies and better protect consumers."This year, CARFAX data shows vehicles with an odometer rollback averaged a loss of around $3,300 in value. The unsuspecting driver is not only paying more for a vehicle with many more miles than expected, but may also incur additional costs for unexpected repairs and potential safety risks.Top 10 states with the highest number of vehicles suspected of an odometer rollback:States that saw the largest increase in vehicles suspected of an odometer rollback compared to last year include Montana at 33%, Tennessee at 30%, Arkansas at 28%, Oklahoma at 25%, Kansas at 24%, New Jersey at 21%, and Florida at 20%."I needed to buy a car, and I negotiated the price down to something I could afford," said Seven Beverly from Valencia, CA. "I later was curious about the car's history, so I checked the CARFAX and saw that there was a possible odometer rollback. It's definitely something that I wish I knew before buying."How to protect from odometer fraud:Do your research: Pull the CARFAX report for the vehicle's history and check the title, maintenance, and inspection records to compare the mileage on the vehicle.Check for potential odometer fraud by entering your Vehicle Identification Number at www.carfax.com/odometer.Check out the wear and tear on the gas, brake, or clutch pedals.Always have a trusted mechanic inspect the car before a purchase. They should be able to tell if a vehicle looks older than its odometer suggests.Editor's note: Localized data available upon request. Please contact Em Nguyen at emnguyen@carfax.com. About CARFAX CARFAX, part of S&P Global Mobility, helps millions of people every day confidently shop, buy, service and sell used cars with innovative solutions powered by CARFAX® vehicle history information. The expert in vehicle history since 1984, CARFAX provides CARFAX Used Car Listings, CARFAX Car Care, CARFAX History-Based Value and the flagship CARFAX Vehicle History Report to consumers and the automotive industry. CARFAX owns the world's largest vehicle history database and is nationally recognized as a top workplace by The Washington Post. Shop, Buy, Service, Sell – Show me the CARFAX®.S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.SOURCE CARFAX