If you want to buy a really nice new car but do not want to pay the price for a new car, buying a certified pre-owned (CPO) car is probably a good option for you. CPO vehicles are typically newer cars with relatively low mileage, yet they are used, so they generally have lower prices than brand-new cars. Here are three reasons choosing a CPO vehicle is often the best way to go when shopping for a new car.
They Have Been Completely Inspected
One of the key differences between regular used cars and CPO cars is the inspections they go through. In order for a car to be labeled a CPO car, it must go through a major inspection process. This process requires inspecting almost every detail about the car, and it also requires making every necessary repair so that the car is in "perfect" shape. In other words, every single component on the CPO vehicle should be in good working condition.
A regular used car may go through some minor inspections and have minor problems fixed, but the process is not as rigorous. Because of this, you open yourself up to a lot of risks when buying a regular used car when compared to buying a CPO vehicle.
Other requirements a car must meet to qualify as a CPO vehicle are age and mileage. Each particular brand of car has its own requirements for age and mileage, but typically cars must be less than five or six years old and must have fewer than 60,000 miles. You can look up the requirements by brand if you are interested in finding these out.
There are different types of classifications for labeling cars, and this is important to know. If a car is labeled "certified," you should ask what this means. If the car was not certified by a factory dealer mechanic, it may not be considered a CPO car; it may simply be "certified."
They Have Warranties
One of the bad parts of buying a regular used car is that you will not typically get a warranty with it. The dealer you purchase it from may give you a 30-day limited warranty; however, this is usually all you will get. With a CPO vehicle, you are certain to get a warranty on the car, and generally the warranty time is extended for these types of vehicles.
This means that you may have a warranty for the next few years or for the next 12,000 miles on the CPO vehicle you purchase. These warranties often cover all needed repairs; however, some might only offer limited warranties. You should always ask the dealer when purchasing a car what type of warranty it comes with before you buy it.
You Will Qualify For A Good Interest Rate
Auto financing lenders typically offer the lowest rates on brand-new cars, simply because these cars are prone to fewer problems. If you compare the interest rates on regular used cars to CPO vehicles, you will find that the rates on CPO vehicles are lower. This is because these cars are almost brand new. They have been fully inspected and have warranties. Auto lenders are willing to offer low rates on these cars for all of these reasons; however, your rate will also depend on your credit.
Investing in a new or newer car can require a lot of money, and you should take your time so you can find the best car for your needs and budget. If you are interested in looking at some certified pre-owned cars, make sure you visit a dealer in your area that offers these.