Is it a Good Option to Buy a CPO Vehicle?
Certified pre-owned or CPO programs are designed specifically for buyers who want to drive home their desired vehicle without waiting for prices to slash down. It is an excellent option for those buyers as well who find difficulty in paying large monthly amounts. They do not require extensive maintenance because they undergo multi-point inspections before obtaining a quality certification from the manufacturer. Here are the positives and downsides of CPO:
What Makes CPO a Good Option?
There are multiple benefits of buying a CPO vehicle. They come with a comprehensive warranty and additional advantages like towing facilities, roadside assistance, free oil change, free services, optional extended protection plan and car rental reimbursement. You can also get a buyback guarantee with this vehicle. Other benefits offered by these vehicles are:
Series of Inspections
Often, buyers refrain from investing in used vehicles due to their uncertain performance. To mitigate these issues, manufacturers run certification programs under which cars need to pass several tests to qualify for sale. The eligibility of the vehicles depends on their age and number of miles on their odometer. Most companies offer this program for vehicles that are four to six years old with 50,000-80,000 miles of distance covered. However, some manufacturers can extend this limit. During the inspections, if an issue is discovered, it is immediately rectified.
Savings on Depreciation
It is the most tempting reason to buy certified used vehicles. A new vehicle loses a substantial portion of its value when it is driven of the lot. This is called depreciation that increases over the period of ownership. This cost is factored into the price of pre-owned cars. Hence, you can save up to 40% on the value of your vehicle.
Simple to Finance
CPO vehicles are a viable option if you are intimidated by lengthy finance procedures followed when buying a brand-new car. Used vehicles are easily financed by local banks. Moreover, you can save a lot of dollars in the form of a lower price and low interest rates.
Are There Any Drawbacks?
Buying a CPO vehicle comes with a lot of lucrative options. Despite these benefits, there may be some drawbacks that ensue this decision. First, they are offered at a relatively higher price in comparison to non-CPO vehicles. The prices are escalated due to extensive inspections and repairs that they receive. These are meant to ensure their long-term performance on roads. In many cases, dealers also try to compensate for the increased price by providing additional benefits to buyers.
Secondly, whatever benefits it may offer, it remains a used car. It does not offer the feel of driving a new vehicle with state-of-the-art technology. However, you can offset this disadvantage by the affordability of this vehicle in comparison with a brand-new model. It is a good option if you are looking for a cost-effective and performance-oriented vehicle.
You should assess these advantages and disadvantages carefully for making an informed decision.