How to Choose a CPO Vehicle
How to Choose a CPO Vehicle
CPO vehicles are the latest available solution for your needs of buying a used car that has the feel of a new car. The classic ‘have your cake and eat it too’ scenario! This is the best way to get the most out of your situation.
Certified Pre-Owned vehicles have an edge over normal used cars as they come with a warranty from the vehicle manufacturer themselves. Used cars which are less than five years old and have covered less than 80,000 miles are subjected to meticulous inspection by the original equipment manufacturer and then cleared as CPO vehicles.
Points to Remember When Choosing Your CPO Are:
Age and Mileage: Though the number differs from brand to brand, the lower these figures, the better. You already escape the depreciation losses by buying a used vehicle and since the car is not too old, you can be satisfied about the working condition.
Warranty: When the new warranty starts is also important. Some commence when the original warranty ends, whereas some are extended warranties. Bumper-to-bumper, original basic, powertrain warranty or a combination are offered in some CPO programs. If it is a transferable warranty, give it some bonus points on your comparison chart.
Number of Inspection Items: Many brands rate their inspection on a point basis, so the number of points implies the checklist of items that have undergone the inspection. Obviously, go for a plan where this number is on the higher side.
Benefits: You receive a number of additional incentives like roadside assistance, free maintenance, travel interruption coverage, etc. Compare and contrast these suites of benefits offered by various brands.
Read Up: Some terms and conditions can be very sneaky. The wording in the contract may confuse you, but get your doubts clarified early on. A rookie mistake as missing a maintenance check appointment prescribed in the terms of agreement may mean that you lose your warranty.
Special Financing: Low rates of interest are available for CPO loans. Compared to used cars, CPO vehicles might be a bit more expensive, but with such attractive financing offers, who can say no to that? Some plans offer rates as low as zero percent.
Deductibles: There is no need to pay large amounts prior to having any warranty repairs done in the future. While some may ask you to pay the deductible, it won’t go over $100.
Lease and Buyback Option: You can lease a CPO car and the option to trade in your car for a new vehicle is offered by most programs. In case this purchase is an investment opportunity for you, take full advantage of what’s on the offer.
Other than the tips mentioned here, you have every right to ask for the vehicle history if it is not included. You can gauge whether the repairs performed are sufficient, if there was major damage in the past. So, ask away if you have any more queries. Only when you are thoroughly satisfied with the program should you make your purchase.