Purchasing a “like new” Used Vehicle: Chevy’s CPO Program

Despite automotive industry predictions of an expected economic downturn, sales are still booming in the used car market showing no signs of slowing down; the pace of sales for used vehicles actually appears to be improving given the entry of more crossovers and SUVs into the market. Cox Automotive, which owns Kelley Blue Book and releases a quarterly report on the used car market, reports that overall used car sales have grown by almost 3.4 million units since 2014; and over the four years, sales of vehicles under four years old are up by 2.6 million units and sales of vehicles 17 years and older have risen by 1.7 million units. To paint a better picture, auto retailers sold 10.4 million used cars in the second quarter of 2018, according to Edmunds.com, the highest quarterly volume it has on record since the firm began tracking preowned sales in 2007.

As the price gap between new and used vehicles widens further than it has in years, the clear indication is that consumers are tending to favor slightly used vehicles that are only two to three years old in order to increase savings; the trend makes economic sense, but it also reveals that car buyers who once bought new for the guarantees of reliability and clean car history are feeling more and more confident with used vehicles. This is due in part to the guarantees that many automakers provide with their Certified Pre-Owned (CPO) programs.

Dealers are investing more resources into used-car, and they have found great traction with CPO programs that offer the value of a used car with none of the accidental lemon purchase worries. The profit margin on a used-car sale was nearly 7% last year, that is more than double the return on a new-vehicle sale, according to the National Automobile Dealers Association. As a result, more and more dealers are incentivized to promote and sell their pre-owned selection of vehicles rather than new. Chevrolet has hardly been immune to the effects of these increased sales figures in the used car market and has reacted accordingly with their own CPO sponsored fleet of vehicles that includes a warranty.

CHEVY CPO

In order for a used car from Chevrolet to be Certified, the car must be less than six years old and come with fewer than 75,000 miles on it. Every vehicle is rigorously inspected, and any issues found during inspection must be resolved. Also, vehicles can not show any evidence of flood damage, rust, or previous accidents to even be considered for the CPO program. The car will come with fresh oil and filters, and any other fluids due to be changed will be refreshed. The car probably won’t come with new tires or brake pads, but it almost goes without saying that if they’re close to wearing out, they will be replaced. Finally, to assuage any remaining worries, all CPO Chevrolets come with a free CarFax report.

Having your used vehicle inspected and approved by brand affiliated mechanics is definitely a bonus, but the real draw for a Chevy CPO vehicle is the warranty. Chevrolet offers a one-year/12,000-mile bumper-to-bumper warranty on every certified pre-owned Chevrolet it sells. Chevrolet also boosts the powertrain warranty from five-years/60,000-miles to six-years/100,000-miles in case anything major goes wrong. Unlike some other automakers, Chevrolet does not charge deductible for warranty claims on its CPO models. And if you were not already convinced, certified used cars also attract low-interest loans from the automaker. Chevrolet offers financing rates as low as 1.9 percent on certain CPO cars if you have good credit. That would be a good rate even on a new car.

So now that we’ve got you convinced about investing in a “like new” used vehicle, here are our picks for Chevrolet’s best Certified Pre-Owned Vehicles.

CHEVY IMPALA 2014-2018

The Chevy Impala offers all the space of a much larger SUV in the space of a large Sedan. That means it handles better, is more fuel efficient, and in our humble opinion, more stylish. The Impala was redesigned in 2014 with major improvements to design, comfort, and interior space. The vehicle looks sharp and with an enormous interior capped off by its’ cavernous trunk you will never question your decision to not buy that SUV.

CHEVY MALIBU 2015

Oddly enough before undergoing a complete redesign the following year, the midsized 2015 Chevy Malibu had actually peaked in perfection. It was inexpensive while offering the more important value of excellent reliability. They came in multiple trim levels with a choice between a 4-cylinder and a turbocharged 4-cylinder. You could even pair it with the torque-rich turbo at the top LTZ trim level and still not spend a fortune; a secret muscle car with dependability on its side. The only downside is a somewhat cramped rear seat.

THE EQUINOX 2013-2017

The 2013-2017 Equinox is safe, reliable, and useful, but its heavy weight combined with a standard 2.4-liter 4-cylinder engine means its a bit on the sluggish side. It had the price tag of a compact crossover, but it had a surprising amount of passenger space in part to a unique sliding rear seat design. In terms of cargo space, though, it’s actually smaller inside than a Honda CR-V. I know, this does not sound like an endorsement. BUT if you track down one already equipped with the available 3.6-liter V6 engine, then all those previous “buts” will hardly make a difference with the added benefit of easily being able to tow a decent amount of weight with a midsize vehicle.

TRAVERSE 2013-2017

Forget the more traditional, boxy Suburban, the Chevy Traverse is the stylish SUV crossover you are looking for when it comes to space. The Traverse is easily capable of transporting six adults or a mix of eight kids and adults in medium to high comfort. As far as cargo space, it supplies more than a Chevy Tahoe. As a good size, reliable SUV with higher than average safety record for an SUV or crossover this would make a perfect SUV for a growing family.

SPARK EV

The price tag on this discontinued electric vehicle is the main and possibly only attraction. The majority of Spark EVs on the market sell for less than $10,000. The Spark’s 85-horsepower 1.2-liter inline-four sits a 336-cell lithium-ion battery pack that has an EPA-estimated range of 82 miles. It remains the quickest factory Spark ever built, with a 0-60 MPH time of 7.9 seconds. Ok well, the pricing and its speed. The front-wheel-drive Spark EV is capable of 140 horsepower and 400 lb.-ft. of torque; that’s some intense power to be housed in an electric vehicle. Did I forget to mention that all Spark EVs came with an eight-year, 100,000-mile warranty? So as long as you purchase a Spark that has not been modified, it should still be covered under the factory’s warranty.