The Billion-Dollar Scam in the Car Market Grows with Odometer Tampering, Understand

Written by Bruno Teles

Published on 19/12/2023 at 16:52

Foto: Divulgação/Quilometragem

Seja o primeiro a reagir!

The Tampering of Odometers Is a Serious Problem in the Used Car Market, Impacting Not Only Brazil but Also Other Countries.

In the current economic scenario, the Brazilian automotive market is facing an impressive increase in car prices. Since 2018, the average price of new cars has risen by 90%, jumping from R$74 thousand to R$141 thousand, according to the country’s leading news outlets. This rise, driven by the pandemic and the scarcity of components, has led many consumers to opt for used vehicles, generating a 32% growth in sales in March 2023 compared to the previous year. However, this boom has brought to light an old but still effective scam: tampering with vehicle odometers, a scheme that deceives buyers and unfairly inflates car values.

About 30% of used vehicles for sale in Brazil have their odometer tampered, meaning that 3 out of 10 cars show a lower mileage count than the actual one. With tools and apps readily available online, even modern digital odometers are subject to this fraud. As a result, cars are sold for a price above market value, based on the Fipe table, generating a billion-dollar loss for consumers.

Global Impact of the Scam

This is not a problem exclusive to Brazil. In the United States, over 450,000 vehicles are sold annually with tampered odometers, resulting in a loss of about US$1 billion per year. Even small variations in mileage can significantly affect the value of a vehicle. FedEx, for example, has been accused of selling vehicles with modified odometers, a case still under litigation that could become the largest odometer tampering scheme in the U.S.

ARTICLE CONTINUES BELOW

How to Identify and Avoid the Scam

To escape this scam, it is vital that buyers pay attention to signs of wear that are inconsistent with the presented mileage. For example, a car with low mileage but signs of wear on the seats, steering wheel, or pedals may indicate fraud. And of course, checking the Fipe table and conducting detailed mechanical inspections can help identify irregularities. In cases of suspicion, it is recommended that the buyer conducts a new inspection by a reliable company.

Consumers must remain vigilant and conduct thorough checks to avoid falling for this scheme. The Fipe table can be a useful reference point, but attention to details and consulting trusted professionals are essential for a safe purchase. It is crucial to be aware of this scam when looking for used cars, ensuring a fair and transparent transaction.

0 Comentários

Mais recente

Mais antigos Mais votado

Feedbacks

Visualizar todos comentários

The Billion-Dollar Scam in the Car Market Grows with Odometer Tampering, Understand

The Tampering of Odometers Is a Serious Problem in the Used Car Market, Impacting Not Only Brazil but Also Other Countries.

Global Impact of the Scam

How to Identify and Avoid the Scam

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

Seen from space, an image taken by an astronaut shows in Argentine Patagonia the exact point where a colossal glacier, a turquoise-blue lake, and a greenish arm of water meet, creating one of the rarest and most impressive landscapes in the region.

In the Saudi Arabian desert, the world’s largest green hydrogen plant is 80% complete and will use 4 gigawatts of solar and wind energy to produce 600 tons of clean fuel per day when it opens in 2027.

On the edge of a huge cliff in China, a bookstore built into a 100-million-year-old cliff becomes an impressive attraction with rows of books embedded directly into the rock.

Japanese destroyer crosses the Taiwan Strait, and China did not like this at all and reacted.

As if building a hospital in 10 days wasn’t enough, China now surprises the world by transforming a jet into an airborne hospital with surgeries and care on board.

India has connected for the first time a nuclear reactor that generates more fuel than it consumes — it produces 500 MW, cost nearly $1 billion, took 22 years, and places the country among the few with this technology in the world.

Suape Port is receiving R$ 15.8 billion to become the largest green hydrogen hub in Latin America — and a partnership with China promises an additional R$ 8 billion.

The Billion-Dollar Scam in the Car Market Grows with Odometer Tampering, Understand

The Tampering of Odometers Is a Serious Problem in the Used Car Market, Impacting Not Only Brazil but Also Other Countries.

Global Impact of the Scam

How to Identify and Avoid the Scam

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

Seen from space, an image taken by an astronaut shows in Argentine Patagonia the exact point where a colossal glacier, a turquoise-blue lake, and a greenish arm of water meet, creating one of the rarest and most impressive landscapes in the region.

In the Saudi Arabian desert, the world’s largest green hydrogen plant is 80% complete and will use 4 gigawatts of solar and wind energy to produce 600 tons of clean fuel per day when it opens in 2027.

The first automaker in the world to promise 1,000 real kilometers with a solid-state battery already has a production line set up, 50 cars in operation, and a date set for September 2026.

A brand that has been manufacturing motorcycles since 1901 launches its first electric model, and the price shocked the world: $3,000, weighing only 124 kg and accelerating from 0 to 60 km/h in 3.7 seconds…

Omoda & Jaecoo revolutionizes the electrified segment with the launch of a plug-in hybrid SUV priced below R$ 200,000 and a range of 1,200 km.

Elon Musk buys his own 1,279 Cybertrucks to boost weak sales of the pickup in the US.

Xiaomi (sim, a mobile phone) received 200,000 orders in 3 minutes for its electric SUV that travels 835 km on a single charge and costs less than a Tesla…

On the edge of a huge cliff in China, a bookstore built into a 100-million-year-old cliff becomes an impressive attraction with rows of books embedded directly into the rock.

Japanese destroyer crosses the Taiwan Strait, and China did not like this at all and reacted.

As if building a hospital in 10 days wasn’t enough, China now surprises the world by transforming a jet into an airborne hospital with surgeries and care on board.

India has connected for the first time a nuclear reactor that generates more fuel than it consumes — it produces 500 MW, cost nearly $1 billion, took 22 years, and places the country among the few with this technology in the world.

Suape Port is receiving R$ 15.8 billion to become the largest green hydrogen hub in Latin America — and a partnership with China promises an additional R$ 8 billion.