Warning Bells in the Motor Trade: Surge in Mileage Fraud Highlights Need for Vigilance

In the ever-evolving landscape of the UK motor industry, the latest car dealer news brings to the fore a pressing issue that merits the attention of both dealers and buyers alike. According to recent data analysis conducted by the reputable vehicle history checking company, CarVertical, there seems to be a significant surge in cases involving falsified or incorrect mileage records, particularly with used cars under five years old. This emerging challenge in the motor trade news is something that warrants a meticulous approach to prevent a potential fallout in the market.

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CarVertical's study revealed a rather alarming statistic - nearly 7 in 100 cars checked over the past year up to September showcased discrepancies between the odometer and recorded mileage, with one in 14 used cars showcasing incorrect details. Nissan leads the pack with a staggering 18.9% of nearly-new vehicles displaying inconsistencies, closely followed by Renault and Peugeot, with discrepancies found in 16.1% and 15.8% of cases, respectively.

At the core of this emerging issue are digital dashboards and prevalent mileage-related motor finance arrangements, including leasing and personal contract purchases. These arrangements, unfortunately, have given rise to a number of unscrupulous businesses manipulating the recorded mileage electronically, exploiting the potential to increase the sale price of a used vehicle by up to 25%. Furthermore, this deception inadvertently leads to heightened maintenance costs for the new owners, given the unaccounted wear and tear on the vehicle.

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The insights shared by Matas Buzelis, a car expert at CarVertical, further echo the gravity of the situation. According to Buzelis, the manipulation of a car's mileage not only poses mechanical risks but also significantly affects its actual market value, potentially causing financial losses for the new owner in the event of a resale.

The current scenario highlights the pressing need for vigilance in the motor trade industry, with around 690,000 drivers potentially at risk of falling prey to mileage fraud this year alone, amidst the sale of approximately 1.8 million used cars each quarter in 2023. It stands as a clarion call to dealers and prospective buyers to exercise utmost caution and due diligence to safeguard against potential mileage fraud, thereby ensuring a fair and secure trading environment.

In conclusion, this recent development in car dealer news underscores a critical time in the UK motor trade sector. It beckons for an industry-wide effort to stem the rise of mileage fraud and maintain the integrity of the motor trade market. Now, more than ever, a meticulous approach towards vehicle history verification seems not just prudent but necessary to foster transparency and trust within the community.

You can read the original article at AM ONLINE.



source http://autoengage.co.uk/home-page-9252-9795-4532/b/warning-bells-in-the-motor-trade-surge-in-mileage-fraud-highlights-need-for-vigilance-

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