Veda Advantage offers you a range of personal services such as access to your Credit File, Identity Theft Prevention, Vehicle and Property Services
Subscriber login:
Select your location:
Used Car Buyers Beware: 13% of Vehicle History reports Reveal Car Damage
31 March 2010
- 99% of Australians question the legitimacy of information provided by individuals selling a used car.
31 March 2010: Research from Veda Auto's new consumer vehicle research site, Carhistory.com.au, shows most Australians (99%) question the accuracy of information provided by individuals selling a used car. The study shows concerns are justified, with one in two Australians (53%) who have been in an accident, had their car repaired and have resold their car, failing to tell potential buyers about past repairs.
Veda Auto reports reveal an average of 13% of car history checks identify negative information, such as whether the car has been written-off, stolen or damaged.
The findings were released at the launch of the new consumer site, www.Carhistory.com.au, which is live today. A must-visit website for used car buyers, it offers a report detailing all known information about a car's history prior to purchase.
David Scognamiglio, Head of Veda Auto and Carhistory.com.au, said consumers need to be armed with the best information to protect themselves from unscrupulous sellers.
"Our research shows a large number of people are withholding the truth about the car they are selling and the costs of vehicle fraud are rising. Most used car purchasers don't become aware of the problems until it's too late, yet checking a vehicle's complete history is easier than ever before.
"Our car history reports are uncovering a large amount of negative information, which is why people should proactively research the car in question through a professional inspection and comprehensive history report before purchasing," Mr Scognamiglio said.
Carhistory.com.au brings together extensive data on millions of vehicles from several industry and Government databases. Each report includes: the vehicle details, a REVS/VSR check, a written-off or stolen check, current valuation, odometer checks, sales listings and safety and omission ratings. Reports can be purchased instantly by entering the Vehicle Identification Number (VIN) and costs $24.95.
Additional report findings
- 29% of Australians surveyed had been involved in an accident. Of those 29%, 72% had their vehicle repaired. Of those 72% who had their vehicle repaired, 31% had since sold their car. Of those 31%, 53% had not disclosed their car had been involved in an accident.
- 40% of people will buy from any dealer source, whether online or in used car lots - they are just looking for the best deal.
- Price and condition are the most important factors in the purchase decision followed by brand and age of the vehicle.
-Ends-
Media Information, case studies and interviews:
Sally Robertson (02) 9492 1089 mobile: 0400 927 003 email: Sally@launchgroup.com.au
* Veda Research, an independent arm of Veda Advantage Limited. The used auto market research was conducted by Veda Insights via an online survey using the Ticketek Rewards panel. Consumers aged 18 years and older who had purchased a used vehicle in the past six months or intended to purchase in the next twelve months across Australia was the target for this research. A
representative sample of used car purchases by state was achieved. The fieldwork was undertaken 2 - 9 July 2009. A total of 1,017 surveys was completed and was nationally representative.
About Carhistory.com.au. Carhistory.com.au is a business division of Veda Advantage Information Services and Solutions Limited ABN 26 000 602 862. Carhistory.com.au delivers vehicle information solutions to motor dealers, insurance, finance companies and consumers. Carhistory.com.au aims to help reduce fraud and improve transparency in the sale and purchase of second hand vehicles in Australia. Carhistory.com.au sources data from the National Vehicle Information System (NVIS) and Government databases to compile the most comprehensive report possible (as based on available datasets) on the history of a motor vehicle. A Carhistory.com.au report includes: stolen vehicle status, any flood or storm damage, odometer readings, previous sales listings, the estimated current car valuation, whether the car has been a repairable write-off, written off status, safety rating and any outstanding finance status (REVS check).
About Veda Advantage www.vedaadvantage.com.
Veda Advantage has been at the forefront of the information services industry for many decades. Issues such as privacy, data security, fraud and business intelligence are part of our commercial landscape. We provide insights into more than 16.5 million credit active individuals and 4.4 million companies and businesses.
* Veda Advantage Information Services and Solutions Ltd is a member of the Veda Advantage Group of companies.
DISCLAIMER
Purpose of Veda Advantage media releases:
The information in this release is not intended to provide guidance or commentary as to Veda Advantage's financial position nor does it constitute legal, accounting other professional financial advice. The information may change and Veda Advantage does not guarantee the currency or accuracy of the sourced data.
To the extent permitted by law, Veda Advantage specifically excludes all liability or responsibility for any loss or damage arising out of reliance on information in this release and the data in this report, including any consequential or indirect loss, loss of profit, loss of revenue or loss of business opportunity.
