HPI and CAP Automotive reveal the real cost of clocking for used car buyers.

‘Clocking’, where fraudsters drop the mileage on a vehicle to boost its apparent value and cheat unsuspecting buyers out of their hard-earned cash, still remains a real threat for used car buyers, warns HPI, the provider of www.hpicheck.com.

To highlight this, HPI has joined forces with CAP Automotive, the premier provider of vehicle values, to lift the lid on just how much dodgy sellers stand to make from a clocked car.

Neil Hodson, Managing Director of HPI comments, “According to the latest SMMT figures, the Ford Fiesta was the bestselling vehicle in the UK in 2014, with 131,254 new car sales made. However, according to CAP figures, fraudsters are increasingly cashing in on the popularity of the family car, with clocked models potentially earning them up to 35% on the price tag. That means unsuspecting used car buyers could lose £1,875 on a vehicle with an altered mileage.

“Perhaps surprisingly it is the lower value vehicles that see the biggest percentage increase from mileage correction, making them more attractive to fraudsters. For example, hatchbacks like the VW Golf can garner a whopping 40% profit for clockers who fraudulently take 60,000 miles off the clock. The result is an extra £3,000 which comes straight out of an unlucky buyer’s wallet.”

Philip Nothard, CAP Automotive’s retail & consumer expert says, “CAP’s valuation data conclusively shows the potential cost to dealers and motorists of the clocking problem. With clockers able to add thousands of pounds onto the value of a car, unsuspecting buyers stand to lose out, as do dealers. That’s why we advise retailers and consumers alike to conduct a vehicle history check to spot a mileage discrepancy before they buy.”

Neil Hodson concludes, “It’s almost impossible to tell a clocked vehicle just by looking at it, which makes a vehicle history check a vital form of protection for buyers. A clocked vehicle could be hiding serious levels of wear and tear posing a safety threat, not to mention the additional cost of unexpected repairs. An HPI Check can help protect consumers from buying a vehicle with something to hide, saving them cash and keeping them safe.”

The HPI Check includes a mileage check against the National Mileage Register as standard, now with over 170 million mileage readings. HPI also confirms whether a vehicle is currently recorded as stolen with the police, has outstanding finance against it or has been written-off, making it the best way for consumers to protect themselves from fraudsters looking to make a fast profit.

In addition, the HPI Check offers a £30,000 guarantee in the event of the information it provides being inaccurate, offering added financial peace of mind to used car buyers.

• Reducing the mileage of a Ford Fiesta, the bestselling vehicle in the UK in 2014, from 90,000 to 30,000 adds £1,875 to the price tag, up 35%*

• Range Rover Evoque sees the price tag increase by £4,250 after clocking, an increase of nearly 20%*

• The popular VW Golf rises by nearly 40% and the Nissan Leaf electric car sees a rise of 36%*

• Sportier models, such as the Mazda MX 5 convertible see their values increase by 36% after clocking, whilst the prestigious Audi A3 could see its price tag rise by 30%*

 

*all of the above figures are based on reducing its mileage from 90,000 to 30,000 miles 

The Impact Of Reducing Vehicle Mileage By 60,000 Miles