Certified Pre-Owned Programs
Buying a used car can make sense financially. According to Edmunds, a brand-new car loses 9% of its value once you drive it a mile from the dealership. And if it’s not the depreciation hit that worries you, it could be the sticker price. Buying used is cheaper than buying new.
Still, many people have images in their heads of a used car that dies a few yards down the road. Some may feel that buying used is a gamble.
Let the manufacturer back it
Many auto makers now offer a “certified pre-owned” or a “certified used” program. This means that authorized dealerships buy the manufacturer’s cars, used. The dealership then conducts a multi-point inspection and any necessary repairs, and the manufacturer backs that used car with a warranty.
Edmunds also offers some tips on how to buy certified pre-owned:
- Vet the program – Not all certified pre-owned programs are the same. Make sure you know what the “certification” means, and what the subsequent warranty covers.
- Get the car’s details – Once you start eyeing a certified pre-owned car, get all the details on it. Have the dealership give you the inspection report, and check the vehicle identification number (VIN) independently of the dealership’s information.
- Save the paperwork – When you buy a certified pre-owned car, it’s important to get a copy of the warranty. Make sure you understand everything it covers, and more importantly, what’s not covered. Save a copy for your records.
With a certified pre-owned program, it’s possible to get some of the peace of mind of a new car, while avoiding the sticker shock. Just make sure you pick a program that fits your automotive needs.
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