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%*
*all of the above figures are based on reducing its mileage from 90,000 to 30,000 miles
Clocking continues to pose a real threat for used car buyers, including dealers and their customers, warns HPI. 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, conning dealers out of profit and risking both their reputation and legal repercussions.
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.
“The CAP figures show that, 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.”
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