Buyers warm up to idea of certified pre-owned vehicles
Posted on Thursday, November 20, 2014 at 8:04:34 AM
Buyers have several choices when it comes time to shop for a vehicle, including new, used or certified pre-owned.
This latter option is currently experiencing a rise in popularity. Certified pre-owned, or CPO, is when a manufacturer or dealer certifies a used vehicle - providing consumers greater peace of mind moving forward.
According to AutoTrader.com, more buyers today are familiar with CPO vehicles. Based on a recent study, 75 percent of new car buyers and 45 percent of used car buyers knew the concepts behind CPO. Furthermore, 84 percent of buyers interested in a new car would be willing to shell out a premium for this type of automobile instead.
"The insights from this study clearly show that consumers are more open than ever to CPO vehicles, and if dealers and manufacturers can turn shoppers into owners, they are well-positioned to build long-lasting relationships with those consumers," explained Rick Wainschel, vice president of customer insights at AutoTrader.com.
Should you be interested in affordable auto financing and a new car, you might want to check out CPO deals in your area. If you go this route, remember that the organization offering the certification is important. It is better if it is coming from the manufacturer, not the dealer - this often means stricter requirements in order to pass.