What is the purpose of an odometer disclosure statement?

The purpose of an odometer disclosure statement is to document the vehicle's mileage at the time of sale, which is an important measure to help prevent fraud related to odometer tampering. This statement serves as a legal record that protects both the seller and the buyer. By formally documenting the mileage, it provides a foundation for trust in the sale, ensuring that the buyer is informed about how much the vehicle has been driven. In many jurisdictions, federal and state laws mandate such disclosures to enhance transparency, allowing potential buyers to make informed decisions and reducing the risk of purchasing a vehicle that has been misrepresented.

Other choices do not align with the primary intent of the odometer disclosure statement. Setting a standard price for the vehicle is unrelated, as pricing can be influenced by various factors, including market conditions and the vehicle's condition, rather than just mileage. Noting the service history pertains to maintenance and repairs, which is distinct from the purpose of odometer disclosures. Increasing the vehicle's value is also irrelevant; the odometer disclosure primarily serves to ensure accuracy and honesty regarding the vehicle's mileage rather than influencing its market value directly.