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Published: Monday, November 25, 2019 @ 10:00 AM
Money expert Clark Howard says buying a car used rather than new is one of the smartest financial decisions you can make. But how do you make sure you’re getting a reliable ride? Consider buying a certified pre-owned (CPO) vehicle, which comes with a warranty from the manufacturer.
U.S. News & World Report recently released a list of the Best Certified Pre-Owned Programs to help used car shoppers make wise decisions when it comes to buying CPO vehicles.
When it comes to used cars, Lexus has the Best Certified Pre-Owned Program for 2020, according to U.S. News & World Report.
In addition to a CPO warranty with no deductible for the first two years, Lexus offers these benefits:
Jamie Page Deaton, executive editor of U.S. News Best Cars, says Lexus vehicles are so dependable that owners may never even get to take advantage of many of its freebies.
“As an added bonus, Lexus’ reliability record means that while their CPO warranty is long, and the program has a lot of perks, owners may never need to use either,” she says.
But Lexus isn’t the only car on this road: Here are the other top CPO warranty programs, according to U.S. News & World Report:
Note: Below is not an exhaustive list of benefits or terms. Please see individual auto manufacturers for warranty details.
|Rank||CPO||Benefits||Length||Transfers to New Owner|
|1.||Lexus||Free loaner, 24-hour roadside assistance, no deductible, free maintenance for 2 years or 20,000 miles||Up to 6 years with no mileage limit||No|
|2.||Land Rover||Free loaner, 24-hour roadside assistance, no deductible||Comprehensive warranty: 7 years or 100,000 miles from original new-car sale date||Yes|
|3.||Jaguar||Free loaner, 24-hour roadside assistance, no deductible||7 years or 100,000 miles from original new-car sale date||Yes|
|4.||Kia||24-hour roadside assistance||Comprehensive warranty: 6-year/72,000 miles; Powertrain warranty: 10-year/100,000 miles||Yes|
|5.||Buick||No deductible; Two free service visits over 2 years or 24,000 miles.||5 years or 62,000 miles from original sale date; Powertrain warranty: 6 years or 100,000 miles from new||Yes|
|6.||Mitsubishi||24-hour roadside assistance, no deductible for service||Limited Warranty: 5 years or 60,000 miles from new; Powertrain warranty: 10-year/100,000-miles||No|
Money expert Clark Howard warns that not all CPO programs are created equal, however.
In many cases, he says Certified Pre-Owned “is a meaningless term that’s just for marketing purposes that tends to boost the cost of the vehicle you’re buying. CPO vs. one next to it that’s not CPO, it can make a $2,000 difference right then and there.”
While the CPO programs on the list above get high marks, if you’re considering one from a different manufacturer or from a dealer make sure you understand what you’re paying for. If you can’t justify the cost difference for a CPO vehicle, look elsewhere.
If you’re in the market for a pre-owned vehicle, there are other money-saving tips you need to know about. Check out Team Clark’s step-by-step guide to buying a used car.
The post New Report: Best Certified Pre-Owned Car Programs for 2020 appeared first on Clark Howard.