What are the benefits of a buying certified pre-owned vehicle? There are several ways to purchase a pre-owned vehicle, but the two most common methods are buying from a private seller or a used car dealer.
Buying a Pre-Owned Vehicle From a Private Seller
Buying a pre-owned vehicle from a private seller is usually the inexpensive option but you need to have faith that whatever the owner is telling you about the car is 100% true.
The same can be said for a used car dealer. Buying from a car dealer is typically more expensive and requires you to trust that the dealer isn’t hiding something that might be wrong with the car. Using one of the online vehicle history services like CarFax or AutoCheck can provide the consumer valuable information about the vehicle, but these services aren’t fool proof.
Buying a Certified Pre-Owned Vehicle From a Car Dealership
Another option that has become very popular is buying a certified pre-owned vehicle. This option involves buying a used car from a vehicle manufacturer’s certified program. Often referred to as Certified Used, Certified Pre-Owned, or CPO, these vehicles are used cars, most often 5 years old or less with limited miles, that are for sale at local car dealers. Unlike other used cars for sale, these undergo rigorous multipoint inspections, refurbishment, and receive certification from a manufacturer or another certifying authority.
These cars feature special financing, extended warranties, and added advantages. Of late, these vehicles have seen an impressive increase in sales. Almost all car manufacturers, including luxury vehicle brands like Porsche and Bentley have Certified Pre-Owned programs in place. Let’s find out how you can benefit from buying a certified pre-owned vehicle.
A High Standard
Certified used cars meet a higher standard even before they are inspected or refurbished. They receive the extended warranty from the manufacturer, not the dealer. To a lot of customers, that makes these cars somehow more reliable than non-certified used cars in the market.
Depending on the manufacturer, a certified pre-owned vehicle can come with other benefits too such as 24/7 roadside assistance and a free vehicle history report.
This is a major benefit and has the potential to save you a substantial amount of money. Incentive financing involves the manufacturer offering a low APR (Annual Percentage Rate) to qualify buyers of their certified pre-owned cars.
You may be wondering how a few points on a car loan can affect the deal. Actually, it can affect the deal significantly. It can help you save a lot of money. Keep in mind that pre-owned vehicle buyers usually pay a higher rate of interest on car loans than people who buy new cars.
Because of the inspection, refurbishment and extended warranty, you not only save money but also time. Then, there is the benefit of avoiding the high upfront cost of depreciation, like any used vehicle purchase.
Peace of Mind
CPO vehicles offer peace of mind in the form of an extended warranty. The extension’s term depends on the program. While some manufacturers just extend the factory warranty, others offer a warranty from the date of purchase.
Other benefits include making certified vehicles available for leasing. There is also often the possibility of financing the vehicle through the manufacturer’s partners or associates. Almost all certified used vehicle programs include travel-interruption services like hotels or meal allowances if you are stranded in the middle of the road due to car troubles. Some even offer a free rental car if your vehicle needs repairing.
Also, there are some who allow buyers to exchange their cars within a specified number of days and miles (traveled) from the date of purchase.
Before buying a certified pre-owned vehicle, make sure to go through the terms of the warranty and make sure that you understand everything clearly. If you are looking for a moderately-used car, then research the CPO programs offered by a few brands and make your decision. Do comparison-shopping.
Where to Go
CarFish.com has a dedicated team of experts to help you find the most suitable certified pre-owned vehicle in your local area. You can even find the top 10 safest new cars to buy in the US the best and worst mpg vehicles to purchase and articles on which is better at storing cargo truck vs suv, most effective service and maintenance tips for used cars and our top 10 fuel saving tips to help save money.
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