Author: Administrator Account/Sunday, March 24, 2019/Categories: In the News
What’s driving trend? Increased prices on new cars is making them less appealing, plus the interest rate hikes are pushing folks out of the new car market. However, they can certainly afford a used vehicle that comes with a much lower price tag that offsets the higher interest rates charged for used over new cars.
Ease of buying used vehicles, on-line and other no-hassle options
On top of all that, according to Edmunds.com analysts, the industry is expecting a record number of lease returns this year will give shoppers more options than ever in the used market.
Edmunds experts say certified pre-owned, or CPO vehicles, are reaping the benefits. Automakers are better educating car shoppers on the benefits of these programs. According to Google Trends data, relative search interest for CPO vehicles has steadily increased over the last five years.“Many shoppers are unaware of the benefits of CPO vehicle programs, but given the tough financial conditions in the new market, it’s never been a better time to look into them,” said Drury.“Between more affordable prices, the assurance of an automaker warranty, and lower interest rates, CPO vehicles give car shoppers a way to enjoy many of the benefits of a new car and minimize many of the risks of buying a used car.”CPO sales have risen every year since 2013, when they accounted for 2.1 million to last year’s total of 2.7 million units.
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