There are pros and cons to buying a new or used car. With a new vehicle, you’re the first person to own the car, you gain the advantage of a comprehensive warranty and you can choose the paint color as well as add cool features like rear-seat entertainment systems, a panoramic moonroof, a navigation system and premium stereo, and a variety of safety features. Plus, you get that fabled “new car smell” and new car warranty that covers just about anything and everything that happens to your car during the first years of ownership. But you’ll pay a premium to be the first to own a car and sometimes the higher payment associated with “first owner” rights can become a downer after a few years of draining your bank account.
So many buyers (and financial experts) favor used cars. Sure, you won’t get that new car smell, you’ll likely have to compromise on a few features that you want but don’t necessarily need, and you may have to deal with more repair costs. But your monthly payment will be lower and you likely won’t be as paranoid about door dings damaging your sweet new ride while you pick out stylish clothes at Nordstrom’s that you can actually afford.
Read: The Pros and Cons of Buying a New or Used Car
One way to combine the advantages of buying used with the benefits of buying new is to select a “certified used” or “certified pre-owned (CPO)” car from a new-car dealership. For example, a friend recently bought a certified used 2008 Honda Accord EX with 30,000 miles that was advertised for $21,500 and sold for only $19,000. An equivalent new 2011 Accord EX carried a window sticker of $25,875 and, according to TrueCar.com, sells for more than $23,900 in his zip code.
It’s hard to argue with nearly $7,000 in savings for a car that will likely provide dependable performance for years to come. With that bit of savings in mind, let’s take a look at 5 advantages of choosing a certified pre-owned car.
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1. Only Used Vehicles in Top Condition Qualify for Certification
When it comes to certified used cars, we recommend you opt for a manufacturer CPO program instead of a third-party company or provider. Here’s why: in order to qualify as a certified pre-owned vehicle, manufacturers require that new car dealers run comprehensive tests on the car to ensure it’s in top shape.
Heard of those 160-point car inspections? Manufacturers require anywhere between 111-point inspections to more than 300-point inspections for all CPO vehicles. The number isn’t as critical as what the number means to used cars buyers—peace of mind. You can rest assured the CPO vehicle has been scrutinized and problem parts replaced and any damage repaired.
Of course, buying a certified pre-owned vehicle doesn’t mean you shouldn’t still test drive and evaluate the vehicle closely. By all means, spend time behind the wheel and closely look over any car you plan to purchase. But rest assured that a certified pre-owned vehicle is nearly always less expensive than its brand-new counterparts and in great condition.
Besides franchise dealerships (car dealers with large manufacturer logos up front and new cars inside the building), you can shop for certified pre-owned vehicles at used car superstores like CarMax and AutoNation. These big stores specialize in late-model pre-owned vehicles that are in great shape. They also offer limited warranties and money-back guarantees, which delivers even more peace of mind following a used car purchase.
