ODOMETER FRAUD: ITALY LOSES OVER 467 MILLION EUROS ANNUALLY IN A PROBLEM AFFECTING EUROPE

Odometer tampering is not just a scam against individual car buyers but a large-scale economic problem. According to a carVertical study, this practice costs Italy nearly half a billion euros each year, as part of a wider European issue where total losses exceed 5 billion.

Odometer tampering, a widespread practice throughout Europe, is a systemic economic problem. It's not merely a scam against motorists looking for a good deal but a phenomenon with severe consequences for national economies and the European Union as a whole.

According to an analysis by carVertical, Italy suffers an annual loss of over 467.5 million euros due to this fraud. Unsuspecting buyers pay an average of 25% more for vehicles with falsified mileage. For instance, a car sold for 10,000 euros might only be worth 7,500 euros, representing a loss of 2,500 euros for the buyer. This financial damage increases proportionally with the vehicle's value, reaching tens of thousands of euros for luxury cars.

A Widespread Problem Across the Continent

To understand the scale of the issue, carVertical, a leading automotive data company, conducted a study across several European countries. The results are alarming: each year, the analyzed countries collectively lose approximately 5.3 billion euros due to odometer fraud. The actual figure could be even higher, as many cases go undetected.

"Proving mileage tampering is extremely difficult. Countries often do not share vehicle data, and many records are not yet digitized, making it easier to conceal fraud. The only way to detect it with certainty is to check the vehicle's mileage history," explains Matas Buzelis, an automotive expert at carVertical.

The fraud is pervasive, but the financial impact is heavier in Western Europe. The United Kingdom (1.4 billion euros), France (1.15 billion), and Germany (1.1 billion) record the highest losses, followed by Italy. In contrast, losses are more contained in countries like Ukraine, Serbia, and Romania. The study took into account factors such as the number of vehicles checked by carVertical, their average market value, and the fraud rate found in each country.

The Need for Greater Awareness and Stricter Controls

Buzelis points out that the appeal of low-mileage vehicles makes buyers vulnerable. "Falsified mileage creates the illusion that a car is in better condition. Fraudsters target both economy cars and premium models."

Despite the well-known problem, government efforts to combat odometer tampering are still limited. Consequently, it is crucial for buyers to protect themselves personally. "A comprehensive car history report can reveal exactly when and how much the mileage has been altered. This not only prevents fraud but also helps negotiate a fairer price," Buzelis concludes.