According to my GPS, my SEEG is about 4-6 mph off at 75.
I will take my GPS' accuracy any day over a vehicle speedo.
All modern, quality GPS units, and by this I mean the major names, typically update the unit's speed and position about 60 times a second and then send the "average" to the display, with most units updating the display once per second or to a user variable interval. On my portable Garmin (276C) the display updates 1 per second, on the Northstar's I use on boats I have the speed update set for 4 seconds, because of the slower vessel average speed.
Interesting note here, Last year Power & Motoryacht did a "speed accuracy" test. They use GPS and radar to evaluate vessel speed at a given cruise RPM.
P&M compared the Garmin 276C, a police radar, $20,000+ surveying GPS along with 1 or 2 other units.
Below 30 mph the Garmin was real close to the survey equipment, above 30 it was dead on.