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When shopping for second hand cars for sale, we often hear lots of terminologies in which some were not aware of. Some of the terms you would most likely hear are the word “certified pre-owned (CPO) cars and repossessed cars.
In this article, Philkotse.com will define what certified pre-owned and repossessed cars mean.
For cars that have been stamped with the CPO badge, these cars are 2nd hand vehicles for sale which have relatively low mileage and has not suffered any major accidents.
Certified pre-owned cars will go under a thorough multi-point inspection process by the dealer. Any car parts that needed repairs will be replaced with brand new components. Basically, these cars are dealer-approved, refurbished vehicle.
There are different metrics that are the basis when selecting a certified pre-owned car, but it all depends on the dealership that offers them. Usually, cars that have low mileage and have a complete service history. It should also be a few years old. There are instances that the service cars or dealership demo units get relegated to a CPO status.
For the dealer's eyes, these repossessed and leased cars still have value. The opportunity in making these cars look good as much as possible for prospective used buyers is too good for them to pass up.
Certified pre-owned cars have more advantages and benefits compared to regular second-hand vehicles. One of them is the additional peace of mind when you buy a CPO. The dealership will give an extended warranty.
There are also times that they will also give some extras like free roadside assistance and maintenance vouchers. That's on top of the part replacement process and a thorough car inspection. It also comes with a complete set of car history and service records.
In addition, dealers also throw in special deals and low financing rates on CPO vehicles which allow CPO car buyers to drive off a certified pre-owned vehicle with ease.
Bank repossessed cars are also called repo is another good option when buying a pre-owned car. Repossession works when somebody else's loss becomes the gain of a bargain hunter. The banks take back the cars from people who failed to repay their car loans. These repossessed cars will be put on sale.
Just like CPO, repossessed cars also have several benefits such as a more affordable price. With the continuous price increase because of the tax reform law or TRAIN law, most car buyers will opt for cheaper options like repossessed cars. These types of used cars become more appealing, especially for budget-conscious consumers.
Another good reason why repossessed cars are a great option is that most repossessed cars are newer vehicles that are still in good condition. This is because repo cars are up for sale because the former car owner was not able to keep up with their loan repayments and not because it the condition of the car is deteriorating.
You can also assure that the repo car sellers are trustworthy and safe. This is because you are buying from a bank which will assure you a secure and legal transaction. You are buying from a bank which is a reputable financial institution.
Certified pre-owned cars and repossessed cars are two different things but both are a great option when it comes to buying used vehicles for sale.