HPI and Glass’s reveal the true cost of clocking
VW Golf worth £8,870 sells for £11,060 with 45,000 miles taken off the clock* www.hpicheck.com
An unscrupulous seller could earn an extra 25% on the price of a VW Golf 1.6 GTI by simply dropping the mileage from 90,000 to 45,000. That means the innocent buyer pays £2,190 more than the vehicle is worth. HPI joins forces with valuations experts, Glass’s, to reveal just how much money dodgy sellers can con out of buyers by adjusting the mileage on a car.
The Glass’s figures show that a 3 year old saloon such as BMW 5 series with 120,000 miles on the clock would be worth £13,380, but by shaving off 50,000 miles, clockers could get £15,960. That’s 19% more for the seller, but the buyer hands over £2,580 above the car’s true value. It’s the same story for a nearly new Mercedes C-Class £16,360 vehicle with 90,000 miles. Taking the mileage, on that car, down to 45,000 increases the price to £18,600, so buyers stand to lose £2,240 if they fall for the con.
“Too many used car buyers ignore the threat or just aren’t aware of the risks from fraudsters who use ‘clocking’ to alter a vehicle’s mileage,” says www.hpicheck.com Senior Consumer Services Manager, Shane Teskey. “We’re hoping that by exposing how much money buyers stand to lose, consumers will take greater steps to protect themselves. It’s almost impossible to spot a clocked vehicle just by looking at it, which makes an HPI Check a vital tool for buyers keen to avoid falling foul of fraudsters.”
Andrew Jackson, Head of Analytics at Glass’s, comments, “Clocking is a serious issue – dodgy sellers are making a fast profit at the expense of innocent buyers, but consumers could lose more than just money if they buy a vehicle they don’t realised has been clocked. Tampering with the odometer may lead to safety issues, especially if a vehicle appears as if it doesn’t need a service, when it actually does. The act of clocking could disguise the need for a major mechanical repair, leaving buyers with a hefty bill if something does go wrong.”
Shane Teskey concludes, “We’re working closely with Glass’s to help raise consumer awareness of the threat of clocking. This is a widespread issue, but the HPI Check comes with a mileage check as standard, offering vital peace of mind and protection from clockers.”
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 by the police as stolen, 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 Guarantee of up to £30,000 in the event of the information it provides being inaccurate or incomplete, offering added financial peace of mind to used car buyers.
Reg_date———-Make———-Model———Colour—-Mileage—-Glass’s Valuation—–£ difference——-% difference