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DON’T PAY OVER THE ODDS FOR A CLOCKED CAR
HPI and CAP Automotive reveal the real cost of clocking for used car buyers
www.hpicheck.com

• 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

‘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.

In order to view the tables which include statistics on the 'Impact Of Reducing Vehicle Mileage By 60,000 Miles' and 'SMMT Top 10 bestselling vehicles in the UK 2014 - Make and Model' please see the attached pdf.

ENDS

For further information visit www.hpicheck.com or call 0845 300 8905
Follow us on Twitter @ www.twitter.com/hpicheck

Notes to Editors

Laura Welsh, Hannah Talbot, Madeleine Roles or Justine Hoadley
HSL
Email: hpiteam@harrisonsadler.com
Tel: 0208 977 9132

About HPI:

Originally established in 1938, HPI Limited is a primary source of vehicle information for the UK motor industry and motoring consumer which, since December 2008, has been owned by Solera Holdings, Inc. Solera Holdings, Inc. is an integrated group of leading automotive claims solutions companies. Founded in January 2005 by Chairman and Chief Executive Officer Tony Aquila, Solera has expanded its geographic reach and now serves more than 55,000 business customers in over 50 countries across six continents.

HPI encompasses both the HPI database of all UK road registered vehicle descriptions and histories, and the National Mileage Register (NMR) which holds in excess of 170 million mileage readings.

Together, HPI and NMR represent one of the UK's largest vehicle information sources, combining and interpreting data from government agencies, industry bodies, private organisations, the police and the general public. Registering with HPI helps companies to protect their financial interests in motor vehicles and a wide range of other mobile assets. HPI Checks give purchasers instant confirmation of whether vehicles are correctly described, known to be subject to outstanding finance or serious accident damage, or recorded as stolen or "clocked".

'HPI' and the HPI logo are registered trademarks of HPI Limited.
(1) All prices include VAT and are correct as of 2nd January 2015
(2) Mileage Data is not covered by The HPI Guarantee
**(3) The HPI Guarantee is subject to terms and conditions

This press release was distributed by ResponseSource Press Release Wire on behalf of Harrison Sadler in the following categories: Consumer Technology, Motoring, Personal Finance, for more information visit http://pressreleasewire.responsesource.com/about.