OnStar & AutoTrader Give Advice for Shoppers in the Used Market, Suggest CPO Purchases
Dealers may want to take note of the following points OnStar and Autotrader.com recently cautioned potential used buyers to pay attention to.
The two companies explained they teamed up in an effort to make buying pre-owned vehicles a little easier for shoppers.
And in the notes compiled for shoppers in the used market, the companies suggested consumers consider purchasing a certified pre-owned vehicle.
The CPO market has been booming lately and just finished up its best August on record.
Specifically, there were 160,206 CPO sales during the month, which marked a 9.6-percent year-over-year increase and a 6.1-percent jump from July, said Autodata Corp. The firm noted that Kia, Mazda, Mini and Subaru each had their best month of all time for CPO sales (August or otherwise).
And dealers could potentially put shoppers’ minds at ease by addressing the following additional concerns directed towards consumers, compiled by OnStar and Autotrader.com:
—Make sure the potential vehicle is functional for everyone who will be traveling in it: “If searching for a used family vehicle, bring the whole family on an extended test drive to make sure everyone is comfortable with the vehicle. If you have small children, use this time to make sure child safety seats fit and can easily be installed in the vehicle,” the companies explained.
—Purchase a vehicle history report and have the vehicle inspected by a qualified mechanic: “Taking both of these actions can reduce the chance of unexpected issues later,” the report read.
—Ask about promotional programs: “Many manufactures offer incentives to purchase their used vehicles,” officials asserted.
“For instance, buyers of used GM vehicles equipped with OnStar are eligible to receive a three-month free trial of OnStar’s Directions & Connections package, which includes Turn-by-Turn Navigation, Automatic Crash Response, Remote Door Unlock, Hands-Free Calling and more,” they added.
—Secure your financing in advance: “Because used vehicle loans can vary when it comes to interest rates, visit your local bank or credit union before making a final decision so you can be sure you're receiving the best interest rate,” the companies noted.
—Don’t negotiate price based on what you want your monthly payment to be: “Monthly payments can always be lowered to fit your budget by extending the length of the loan. But extending the length of the loan makes the car more expensive. Negotiations should be made based on the price of the car, rather that the monthly payment,” officials asserted.
—Remember the sale process continues past the acceptance of an offer: “After both parties agree upon an appropriate price, dealers usually will offer extra accessories and services you might not be interested in. Be sure to stand firm and make it clear that you are not interested in paying more than the previously agreed upon price,” the companies concluded.