With more cars coming off lease and back into used car inventory, dealers have a glut of CPO-eligible vehicles, said U.S. car shopping website Edmunds.com.
For the month of May — designated as “CPO Month” — Edmunds.com is teaming up with carmakers such as Toyota, Lexus, Mercedes-Benz and Volvo, to promote the benefits of these vehicles.
According to a 2015 survey by Edmunds.com, 88 per cent of used car shoppers say they would be willing to pay more for a CPO vehicle than a non-certified used one. A little over a third of those shoppers (37.8 per cent) would spend an additional $1,000 for the benefits of a CPO vehicle.
CPO recognition is growing. The car shopping website found in its 2015 Used Vehicle Market Report that CPO vehicles accounted for a higher share (22.4 per cent) of U.S. franchised dealer used car sales last year than ever before.
“Many automakers have a ‘Truck Month’ or other sales events for specific segments, but CPO has largely been ignored — until now,” said George Kang, Senior Vice-President of OEM Business for Edmunds, in a written release.
“Shoppers owe it to themselves to learn more about the benefits of certified pre-owned cars because they’re likely to find many of the perks that come with new car ownership, but at used car prices,” he added.
