Director of Industry Analysis
In an Edmunds.com survey, 88% of 2,017 used car shoppers polled said that if they were shopping for a used car they would be willing to pay more a certified pre-owned vehicle. Among these potential CPO shoppers, 37.8% said that they would spend up to an additional $1,000 for the benefits of a CPO vehicle. The Edmunds survey findings were released at a time when CPO sales are hitting their all-time high levels; Edmunds analysts expect growth to continue in the coming year.
Used Vehicle Market Saw 2.5% Sales Increase in the Third Quarter:
CPO sales made up 21.8% of franchised used sales, a third quarter record.
With Average Prices at $18,427, Used Car Prices Set Third Quarter Record:
Subcompact cars only segment to not see lift in transaction prices.
Used Vehicles Will be Younger with Higher Volumes of Off-Lease and Rental:
Higher price point of younger vehicles blurs new vs. used distinction.