Are you considering buying a Certified Pre-Owned (CPO) or used car? Before you commit to one or the other, it’s important to understand the pros and cons of each. Here, we’ll explain the difference between a CPO vehicle and a regular used car, so that you can make the best decision for your lifestyle and budget.
Whether you decide to buy a CPO or a used car, purchasing a car just a couple years old can save you a serious chunk of change. Because brand-new vehicles lose a large amount of value the moment they drive off the lot, car shoppers who buy used reap the benefits, getting more bang for their buck. You can visit one of our many locations such as our Kernersville location for additional information.
CPO vehicles must meet a certain criteria, based on each manufacturer’s CPO program. Each vehicle has to meet certain age and mileage requirements, pass a thorough inspection, and meet performance standards. The dealership then adds an extended warranty, a detailed vehicle history report, and sometimes other benefits—for example, Honda’s CPO program also offers special financing rates and a free three-month trial of Sirius XM radio.
The bottom line is that CPO programs offer the peace-of-mind not normally associated with used cars, including an extended warranty that promises to handle unforeseen issues that may arise.
Peace of mind and like-new condition come at a cost. CPOs are typically more expensive than the same non-CPO vehicle would be.
Used cars can be purchased from a number of private sellers, car lots, and dealerships. The options are nearly endless, since anyone can sell a used car, allowing shoppers to find great deals and low prices at their convenience.
Because there is no standard for used cars sold by private sellers, shoppers might have no idea what they are getting themselves into. While one car might be in great condition and be well taken care-of, the next might be a ticking time-bomb, and there’s no way to know for sure without paying for a thorough inspection before making the purchase. We recommend doing that, and paying for a vehicle history report before committing to any purchase from a private seller. Also be aware that used cars don’t come with an extended warranty, so any problems that might come up are on the buyer.
We recommend only considering a regular used car if you know the seller well, are car-savvy, or have the budget to manage unexpected repairs.