Booming Sales Of Certified Pre-Owned Cars Benefit Consumers
With gas prices going up, along with rebates and incentives being limited, car buyers are turning to one obvious choice: Certified Pre-Owned Cars (CPO). CPO cars are fairly new used vehicles — 4 to 7 years old with low mileage, in excellent condition and pass a strict 100-150 point inspection.
According to Manheim Consulting, pre-owned vehicle sales were 38.8 million in 2011, the strongest level in four years. Manufacturer pre-owned sales were at a record high of 1.7 million; similarly, pre-owned vehicles sold by the 7 publicly traded dealership groups also reached record highs in 2011, with just below 1 million units.
Used vehicle sales by franchised dealerships increased eight percent (8%) to slightly more than 13.8 million units, while sales by independent dealerships increased by six percent (6%) to just below 13.8 million. Private party sales rose only one percent (1%) with 11.2 million. With automobile owners locating dealerships who were willing to pay premium for their car or truck, along with credit readily available through them, dealerships gained shares in the pre-owned vehicle market at the expense of private party sales.
To name just a few advantages, CPO programs include many reassuring features such as:
- Manufacturer warranty protection
- Free 24-hour roadside assistance
- Complimentary loaner car for repair work covered under warranty
- Financing deals
- Free vehicle history report
- Copies of the car’s certification test report
As well, many manufacturers have started offering a three month trial subscription to satellite radio and available SiriusXM services when customers buy a CPO vehicle.
With a Certified Pre-Owned vehicle, consumers get peace of mind and a much happier wallet.
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