Yes, on our cars it does. There were some metrics done on this a few years ago, and here were the results:
Indicated----Actual
40-----------38.2---1.8
45-----------42.9---2.1
50-----------47.6---2.4
55-----------52.3---2.7
60-----------56.8---3.2
65-----------62.2---2.8
70-----------67.0---3.0
75-----------71.9---3.1
80-----------76.5---3.5
I found mine to have perhaps a slightly higher delta, about 4mph at 72+ and 5mph at 81+. The point is, the ratio can be taken to be slightly off and therefor the difference is not constant. Below 50 MPH I take my speedo's speed to be accurate (and of course, its necessary to be conservative on northern VA roads due to enforcement) and at 'Highway speed' I shave 4 mph off to estimate actual speed.
Of course all this varies by model.
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