The used car market has improved in recent years due to the wealth of information that helps distinguish quality used cars from “lemons.” One very important driving force of used car market improvements is the Certified Pre-Owned designation.
The main benefit of purchasing a certified pre-owned vehicle is that the quality of its condition is firmly guaranteed. Such a vehicle is usually sold at a dealership of the same brand. Though it is used, it has gone through extensive testing and inspections, and has had factory parts installed if necessary. Certified pre-owned vehicles also come with comprehensive warranties.
There is a premium to pay for the quality guaranteed when a driver purchases a certified pre-owned vehicle. Edmunds.com estimates that drivers pay an additional $1,600 for a 2006 used vehicle if it is certified pre-owned.
Drivers in the market for a reliable used vehicle should research their options and determine if a certified pre-owned vehicle can be accommodated by their budget. Consumers with bad credit history can use a car loan calculator to determine what kind of purchase price they can afford.