HPI the vehicle information expert warn that there could be up to 10.4 million cars on the road in the UK with a hidden history. With 1 in 3 cars hitting HPI’s ‘at risk’ registers the Society of Motor Manufacturers and Traders figures suggest that the nearly new and secondhand car market is a minefield for buyers.
Outstanding finance remains one of the biggest threats when buying a used as buyers don’t realise the debt stays with the vehicle. With 1 in 4 cars checked with HPI confirmed to be on outstanding finance, this could mean there may be up to 7.8 million cars that are still on finance on the roads.
Over 6.2 million cars on the roads could have had a plate change with 1 in 5 vehicles hitting HPI’s plate change register. Fraudsters can use a change of plates to hide the identity of a stolen car or an insurance write-off. An HPI Check report matches the vehicle registration number (VRM) with the vehicle’s chassis number (VIN) to make sure they’re registered with each other.
5 in 100 cars checked with HPI have a mileage discrepancy, which could equate to over 1,500,000 cars on the UK roads. Dodgy sellers use clocking as an easy way to increase the price of their vehicle. HPI reveals that 4 in 100 cars it checks have been declared an insurance write-off otherwise known as a total loss.
By Geraldine Ashton Green
Mon, 06 Aug 2012