NHTSA Reports on Odometer Rollbacks
August 9, 2002
Filed under Trailer News
The National Highway Transportation Safety Administration (NHTSA) says that more than 450,000 used vehicles are sold each year with the mileage on the odometer rolled back.
NHTSA was ordered by Congress to conduct a study to determine if odometer fraud was a problem. According to NHTSA, it examined the title transfers of 10,000 vehicles.
Researchers calculated that 3.4 percent of vehicles less than 11 years old have had their odometers rolled back. NHTSA found the major culprits are buyers of fleet vehicles, such as rental and leased cars that rack up a lot of miles in a short period of time.
NHTSA calculated that, on average, used-vehicle buyers pay $2,336 more than they should for a vehicle when the odometer has been rolled back.