The more we recover from the recession, the more used car prices are
dropping. Since used vehicles are a commodity, the fact that people are now
more able to avoid new cars means that the demand for used cars has dropped. As
a result, now is an attractive time to buy used.
That being said, buying a used vehicle requires being a bit more savvy
than buying a new one. You have to know what you're looking for, you have to
trust your dealer, and you have to shop around more since the market is so
inconsistent.
One myth that a lot of prospective used car buyers seem to believe is
that "used" and "certified pre-owned" are synonymous, and
it's important to recognize that this is not the case. "Certified
pre-owned" isn't just an embellished term that car dealerships use to make
used cars sound fancier. In order to be certified, a vehicle must adhere to a
fairly strict list of standards and pass a number of tests run by the
manufacturer. Only after meeting these standards and passing these tests can it
gain the exclusive title of "certified pre-owned."
The
Benefits of Buying CPO
You can probably already infer that buying CPO is much more advantageous
than buying a vehicle that hasn't been certified. It helps to take the risk out
of buying a vehicle that has a previous owner, and therefore, you get peace of
mind with your purchase since it has been thoroughly inspected.
Every manufacturer has its own set of standards, but they are all quite
similar. For example, if you find a Ford vehicle, you know that the vehicle has
travelled back to the manufacturer to ensure that it has passed 172 points of
inspection; has a clean title and vehicle history report; has been equipped
with a full tank of gas, new oil, a new filter, and new wiper blades; and comes
with a warranty. Ford also offers flexible financing with Ford Credit when
buyers purchase a Ford CPO vehicle.
Ford, like many other manufacturers, also offers a 12-month/12,000-mile
Comprehensive Limited Warranty – which covers most potential issues that could
possibly be discovered -, roadside
assistance, and a free vehicle history report.
Where
to Buy
When buying a certified pre-owned vehicle, check to see if dealerships
near you offer specials on them. For example, NJ Ford dealers frequently offer special sales
and financing rates on CPO vehicles around holidays and toward the end of the
model year. Most importantly, go with a dealership you trust.