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Car buyers are cutting the cost of buying a car by looking at CPO's or Certified Preowned Vehicles. In this economy everyone wants to save money and a car purchase is an expensive, but necessary, purchase. Read on and find out how AutoTrader suggests we can save money on buying a car.
(NAPSI)-Experts say the best way to drive down the cost of the next vehicle you purchase may be to look for a CPO-or "certified preowned"-car, truck or SUV.
CPOs, which are becoming increasingly popular with consumers, allow people to benefit from the typical affordability of a used car and the security that comes with a factory-backed warranty. Indeed, certified sales have become a bright spot for the automotive industry, with sales for 2009 showing double-digit growth against the year before.
About CPOs
CPO vehicles are generally several-year-old cars, trucks or SUVs that have been returned to the dealer after being leased. Most CPO vehicles on lots currently range from 2005 to 2007 model years, though it is possible to find 2008 and even the occasional 2009 model year vehicles for sale as well.
Details of manufacturers' CPO programs vary but typically involve an extended warranty and assurances that the car has been carefully scrutinized during a comprehensive, multipoint inspection. Automotive Web sites such as AutoTrader.com can be useful resources for learning about and comparing CPO programs.
CPO Benefits
Experts say that buying what is essentially a factory-backed used vehicle can save consumers money. While a CPO car will generally cost between $500 to $1,000 more than a used car lacking the inspection guarantee, it also will likely cost thousands less than a nearly identical brand-new model. For consumers, this can translate into car payments that will often match the lease payments on a new car, truck or SUV.
Growing Trends
Another factor driving consumers to CPOs is that many are finding it more socially acceptable to buy used. Car buyers, especially those in the luxury sector, find that buying certified gives them many of the perks of buying new, such as access to factory-sponsored maintenance programs, without the worries of appearing fiscally irresponsible in a down economy.
"For a consumer wanting the prestige and customer service that comes with owning a luxury car, balanced with the sensibility of purchasing used, buying CPO is hard to beat," says Chip Perry, CEO of AutoTrader.com.