Now’s a really good time to be buying a pre-owned car. For buyers on a budget, a used model will often get you more for your money, but is it worth paying more for a pre-owned model that is “certified”? It all depends on the vehicle and the market. In case you haven’t heard, the used car market is getting oversaturated. Larger discounts on new cars mean that dealers have to slash prices on their used inventory. That’s good news for savvy consumers. Of course, a lot of car buyers can be a little apprehensive about buying a pre-owned car due to concerns about reliability and warranty coverage. This is why “certified pre-owned” (CPO) cars can be very appealing. Certified cars will often carry a price premium over their non-CPO counterparts. A recent study in Automotive News indicated that millennial ca buyers were willing to pay up to $3,800 more for a certified pre-owned model. That’s a significant jump over older buyers who thought that … [Read more...] about When It’s Really Worth It To Buy A Certified Pre-Owned Car
Certified pre owned cars
Hyundai and Jaguar beat the competition in IntelliChoice's 20th annual Certified Pre-Owned Car Awards this week. With the awards in its 20th year, Hyundai won in the Popular category while Jaguar earned top scores in the Premium category.IntelliChoice, a MotorTrend Group subsidiary, evaluates manufacturers' certified pre-owned vehicle programs in nine areas for its CPO Car Awards: warranty coverage, inspection criteria, title verification, roadside assistance, special financing, return and exchange policies, dealer compliance, used cost of ownership, and market penetration. A total of 24 manufacturer-backed programs were analyzed in two different categories—Popular and Premium—based on market position and pricing of their vehicles. This year's study looked at 12 Popular and 12 Premium programs. IntelliChoice praised Hyundai for its "excellent warranty coverage coupled with a more consistent offering of special incentive financing over their competitors." Jaguar is a return … [Read more...] about Hyundai, Jaguar Top 2019 IntelliChoice Certified Pre-Owned Car Awards
Buying any car, new or used, is a risk. Machines are not perfect, things break/malfunction and sometimes need repair. That is why I try to steer people into “Certified Pre-Owned” vehicles whenever possible. But what is a CPO car and when is it a good deal? If you purchase a new car you have the protection of the manufacturer’s warranty for a few years, if and when hiccups occur. While pre-owned vehicles can certainly save you money over new, they don’t always offer the same level of warranty coverage. But how is a certified pre-owned car different from just a “used” car? Let’s break it down. Certified by whom? The word “certified” gets tossed around a lot on dealership lots. The idea behind it is to offer a little more peace of mind for those buying a pre-owned vehicle. But not all “certifications” are equal. There are basically two types of certification: Manufacturer certified and dealer certified. Most of the CPO … [Read more...] about What Is A “Certified” Pre-Owned Car?
Buying a used car is a great way to get more value for your dollar, and getting a car with a certified pre-owned warranty adds some extra protection. But some dealers aren’t always honest when making claims about their “certified” cars. Here are a couple of instances that should raise some flags. The first thing to remember is that the term “certified” can mean a few different things. When most folks talk about certified pre-owned often called CPO for short, they are referencing vehicles that, according to the manufacturer, meet a certain standard and qualify for an extension of the new car warranty. I got a recent email from a reader who was helping his son shop for a pre-owned Volkswagen. The buyer wanted a certified car but found what he thought was a good example at a Chevrolet dealer. “My son is looking at a 2015 VW TDI Sportwagen manual trans, low miles. He was told by Chevy dealer, that if he wants it to be CPO with a two year warranty the … [Read more...] about That ‘Certified Pre-Owned’ Car Might Not Be What You Think
My wife and I are beginning the car-buying process. Since new cars depreciate quickly, we are thinking of buying an almost-new vehicle that’s certified by the manufacturer. What do you think of this idea? Q. My wife and I are beginning the car-buying process. We would like a small to midsize SUV. We’ve purchased new and used cars before. Since new cars depreciate quickly, we are thinking of buying an almost-new vehicle that’s certified by the manufacturer. What do you think of this idea? Should we go for the extra features such as wheel and tire insurance, GAP insurance, and key insurance? A. Buying a certified pre-owned (CPO) car can make sense depending on what is included. I also recently replaced an older car and was looking at CPO vehicles. In my budget, the CPO cars offered some savings, but there was little done in the way of checking the car over. Like you, I was looking for a small all-wheel-drive SUV, and on this vehicle, one tire was new and the other … [Read more...] about Should I buy a certified pre-owned car?