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Certified pre-owned vehicles fall in a niche segment in the used car market that manufacturers created to give their customers the benefits of buying used cars. They are way cheaper than their newer counterparts. People could now afford to own luxury models without paying a hefty monthly sum in credit. CPO also carries lower mileages and manufacturer-backed warranties that make them a catch.
Yet, we met a few owners of pre-owned vehicles in Spartanburg who are unhappy with their purchase. The crux of their complaints is that the deal seemed good then over traditional used cars but the joy faded with time. Here is what they had to say.
“The entire package is still costly” – Peter Hoffman
Peter went for CPO used cars in Spartanburg because he had heard that they are cheaper as compared to new cars. He was indeed happy to walk out with a mid-sized used sedan that he financed with a 3-year credit plan. His monthly premium stood at $850. But Peter soon found out that his neighbor bought a similar quality car from a traditional dealership and his credit is costing him around $600. Peter accepts now that if the quality is the same, CPO does not justify the extra $250 he is having to pay per month. “Better buy from a quality used car dealer and save the extra money for retirement.”, says Peter.
“The deal was highly complicated” – Wanda Knight
Wanda admits now that she got overwhelmed with the papers and ended up buying her CPO just based on the sales pitch of the dealer. She heard that warranty was available but later found out that the warranty was dealer-backed and not manufacturer-backed (unlike popular opinion). Wanda says that the best feature of CPOs did not benefit her in any way. Once she went to redeem her warranty, the dealer informed that most of the parts are not covered. “By this logic, it is better to buy a used truck in Spartanburg from a conventional dealer. Why should I pay extra if the warranty deal is the same?” – were Wanda’s words.
“My options were very limited” – Arnold Harris
And it was not worth it, admits Arnold. He only found the top trims of F-150 in the Ford CPO dealership that he visited and with his mind made up to buy a Ford CPO, Arnold ended up buying the truck he did not need. Arnold says that he wishes he had more options while buying used trucks in Spartanburg, SC.He now knows that a Silverado or RAM would have served him better and protected his budget. Only one in five used vehicles become CPO cars. CPO dealers cannot hold a diverse inventory. Arnold stresses the importance of thinking beyond CPOs and buying from conventional dealers as “you can look at other options if one car make exceed your budget.”