5 Tips When Buying A Certified Pre-Owned Car
30th April 2010
5 Tips When Buying A Certified Pre-Owned Car
Buying a certified pre-owned car (CPO) can be an attractive alternative to buying a used car. They’re typically in near-perfect condition, have been tested rigorously by trained mechanics, and come with a limited warranty. That said, prospective buyers should still perform their due diligence before purchasing. Below, I’ll provide 5 quick tips to make sure that you get a great deal when buying a CPO.
Tip #1: Read The Warranty
Not all car warranties are equal. And limited warranties deserve a thorough reading. Take the time to understand what the warranty covers and what it doesn’t. It’s possible that the warranty will cover the cost of a part that malfunctions, but not the labor required to install it. For example, the warranty may cover the powertrain, but replacing the transmission will require a mechanic. Also, if there’s a deductible, find out what it is.
Tip #2: Know Who’s Certifying
A CPO will always be advertised as “certified,” but you’ll need to know who is certifying the car. If it is being certified by the dealer, consider looking elsewhere. Ultimately, you want a car that has been certified by the manufacturer. Remember, one of the main advantages of buying a CPO is that it meets the specifications established by the manufacturer.
Tip #3: Haggle
Oddly, a lot of people think that prices for CPOs are set in stone. They’re not. Feel free to negotiate just like you would for a new or used car. To do that, you’ll need to know its value…
Tip #4: Research The Car’s Value
If you’re going to negotiate (and you should), you’ll need to know the approximate value of the car. You can use the Kelly Blue Book or check ConsumerReports.org. Keep in mind that the price charged by the dealer will include the limited warranty. So, it’s likely that those two resources will show values that are slightly less.
Tip #5: Clarify Repair Locations
If your car experiences an electrical or mechanical problem, you’ll need to know where you can take it to have the problem fixed. Check the warranty and ask for clarification. Can you have the work performed by independent shops? Will you be forced to bring your car back to that specific dealer? Ask so that you won’t be surprised later.
Your new certified pre-owned car will likely be a dependable vehicle that won’t let you down. Use the 5 tips above to get a great deal, understand the warranty, and know who is certifying it. If there’s a problem in the future, you’ll be glad you did.
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