Cars are hard to come by right now. Supply chains, particularly those for the microchips that run electronics and navigation systems, have been nearly cut off. This is not expected to change soon. This supply-demand imbalance has driven up the prices of both new and used cars. Based on the most recent consumer price index figures for February, car prices rose more than almost any other item.
Car prices and model availability have contributed to how long people keep cars. According to IHS Markit, the average age of a car on the road last year was 12.1 years. That is an increase from 9.6 years in 2002. That, in turn, has caused a need for more car repairs, and this process is not always straightforward.
The last thing anybody wants is to be the victim of an auto-related scam. The likelihood someone would be a victim of a scam depends partly on the state they live in.
To identify the state with the most auto-related scams, 24/7 Wall St. reviewed data on the number of auto-related scams reported to the Federal Trade Commission in the first three quarters of 2021 as compiled and analyzed by BuyAutoInsurance.com. Forty-eight states and the District of Columbia were ranked on the number of auto-related scam reports per 100,000 residents.
Unfortunately, scams, including auto-related scams, are not uncommon. They include auto parts and repairs scams, auto renting and leasing scams, and auto financing scams. There are also scams related to auto services and warranties. The incidence of scams varies enormously from state to state.
Nevada topped the scam list with more than 49 reports per 100,000, and then the District of Columbia with 47. Nevada is synonymous with gambling (think Las Vegas and Reno), but buying, leasing or operating an automobile should not be a roll of the dice against a scammer.
Here are the details on Nevada:
- Auto-related scam reports per 100,000 residents: 49.4
- Number of auto-related scam reports: 1,523 (22nd most)
- Population: 3,080,156 (20th smallest)
Click here to see which states have the fewest auto-related scams.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
