Cpo Used Cars – Getting a used car with a warranty is a good idea, but you have to shop like when you choose the car itself. Almost every car maker has a program to check and guarantee aspects of used cars. They call it a pre-owned program, or CPO, certified. A new survey by the car purchasing research site www.iseecars.com lists brands and models with the lowest premium for CPO coverage.
“The average cost of CPO vehicles is 3.6 percent higher than that which is not equivalent to CPO, and consumers are faced with determining whether the warranty and certification provisions are worth the extra cost,” said CEO of iSeeCars, Phong Ly. “However, certain models have far lower than average CPO premiums that can bring peace of mind to used car buyers for only a few hundred dollars more.”
Cpo Used Cars
Almost every car has a CPO program, and no two are the same. Buyers must compare to get the best combination of costs, what the car maker inspects before certifying the vehicle, what is covered and for how long.
According to iSeeCars, which analyzes listings for around 1 million 2015 used vehicle models, Honda imposes the lowest premium of any brand, averaging 1.9 percent of the selling price or $ 340. Mercedes charges the most, an average of 6.9 percent of vehicle prices, or $ 813.
Those numbers are the average for the brand. Each model will be worth more or less. The biggest price increase for certified used cars is 7.9 percent or $ 2,022 on the Lexus IS 250.
If you look at one of the super popular SUVs that come from rent, it’s worth considering that iSeeCars found the lowest increase for the Jeep Wrangler CPO by 1.6 percent or $ 523 and the highest for the BMW X1 at 6.7 percent or $ 1.411.
Vehicles with the lowest CPO increase vary geographically. In Arizona, this is the Honda Accord – 3.4 percent, $ 594. In Michigan, Silverado is the best 2 percent or $ 574. In New York and Texas, the Honda Civic is the lowest increase at 1.6 percent, or $ 305 in New York and $ 243 in Texas.
The highest, 4.5 percent or $ 837, for Nissan Rogue in Tennessee. Strangely, Nissan’s headquarters in North America and a leading assembly and engine plant were also in Tennessee, showing that employees actually beat their company’s cars. Nissan has one of the lowest national average CPO premiums for any brand at 2.4 percent and $ 405.
In metro Detroit, the Honda CR-V had the lowest premium, 3.1 percent for $ 603.
The metro average is 4.1 percent and $ 787.
The rest of the five cheapest models are all General Motors vehicles:
Chevrolet Malibu, 3.5 percent, $ 496
Chevrolet Equinox, 3.5 percent, $ 606
Chevrolet Silverado, 3.6 percent, $ 1,005
GMC Terrain, 4.2 percent, $ 801
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