Report: More Buyers Enticed by “Certified Used” Cars
Certified used cars are starting to increase in popularity, according to a recent report in Edmunds.com. While traditional used cars previously dominated the market, these brand-certified vehicles are beginning to take over, with the majority of consumers admitting they’d spend more money to secure that type of car.
Before you head out to used car lots in Lexington, Kentucky, see why you may want to opt for a certified used car…
It’s first important to understand what a ‘certified used car’ actually is and how it’s different from your standard used vehicle. Typically, these ‘certified’ pre-owned cars have been given the thumbs up by their respective brand, making them eligible to be resold at any of that brand’s dealerships. These vehicles are typically more trustworthy than your standard used vehicle, as the certification process ensures that there is nothing wrong with the vehicle. Furthermore, these cars are often accompanied by a warranty, further protecting you in case the used car does happen to run into some issues. Customers may even receive several other benefits, many of which are often reserved only for new-car buyers.http://www.dancummins.com/bad-credit-car-loans-kentucky
According to a report by Peter Gareffa of Edmunds.com 88-percent of used-car buyers are willing to dish out extra money for a certified used car. About a third of those responders said they’d be willing to spend as much as $1,000 extra to secure the vehicle, with another third saying they’d invest an extra $500. These vehicles typically run for about $1,500 more than a standard used car, according to the writer, although that extra charge could be justified with an accompanying warranty, low-rate financing, or free roadside assistance.
The market continues to grow for these certified used vehicles, as a recent Edmunds.com report showed that these vehicles account for about 22-percent of all used-car purchases. This number has been steadily growing, as a similar report showed that certified vehicles accounted for only 18-percent of the used market in 2010.
“More and more shoppers are opening their eyes to the benefits of certified pre-owned vehicles,” Jessica Caldwell, Edmunds.com director of Industry Analysis, told Gareffa. “These cars offer a unique value proposition to shoppers who want to pay used-car prices but demand the peace of mind that comes with a new-car purchase.
“And while CPO used to be associated only with expensive luxury brands, we’ve seen every mainstream brand get into the game in recent years. With more near-new cars coming off lease and making up a larger chunk of used car supply, shoppers can expect even more CPO vehicles on dealer lots in the coming months and years.”
It could only be a matter of time before the majority of consumers are seeking certified-preowned vehicles over a standard used car. After all, they vehicles are more trustworthy, and you know you’re buying from a dependable source. Of course, depending on which dealership you’re purchasing from, you shouldn’t be concerned.