While there is not just one type of car buyer who shops for certified pre-owned cars (CPO), from car purchase data, we can gain insight into what types of drivers seek out these nearly-new cars at affordable prices.
Certified Car Shoppers Are Typically Older Drivers
While used car shoppers are fairly evenly split between those aged 34 and up and younger, millennial drivers, certified car shoppers more resemble new car buyers. In fact, both new vehicle and CPO car shoppers are more likely than not to be aged 34 and above -- over 70% are. Certified used cars are a smart alternative to a regular used car, but the shopping and sales process of a CPO vehicle more resembles the new car process. Since both new and CPO cars include warranties and little or no wear and tear, it is quite common to see new car shoppers considering a certified car. After all, with a certified car, SUV or pickup truck, buyers can get more vehicle for their money.
CPO Has the Highest Share of Female Shoppers
Male car shoppers may represent the majority of new, used and certified pre-owned car (CPO) shoppers, but the CPO segment is where females show the strongest numbers. Close to 40% of certified used car shoppers are female, which is significantly higher than both new and used car segments.
Why Do Consumers Shop Certified Cars over New or Used Cars?
You may be wondering why some drivers shop for certified cars instead of used or new -- or vice versa. Well, CPO shoppers tend to conduct more research -- up to twice as much as new or used car shoppers. More and more, CPO vehicles are becoming attractive options for car buyers of all ages and demographics. In fact, a certified pre-owned vehicle is an excellent alternative to a new car, since these late-model vehicles feature extended warranty plans and low mileage. With increased new car sales and leasing as of late, there is a greater selection of off-lease vehicles that can qualify as certified pre-owned cars, making it easier than ever to find the precise make, model and year of automobile in CPO form.
*CPO shopping data from Edmunds