Published on : Aug 14, 2017
Albany, New York, August 14, 2017: The purchases of pre-owned cars have been on the increase in the last few decades. According to the latest study, certified pre-owned used cars are becoming more and more popular as Americans increasingly need to replace their older used cars but may not be ready to buy a new car, therefore the Certified pre-owned market in U.S. expected to grow in the coming years. To explore more details about this market, the study titled “U.S. Certified Pre-Owned Cars - July 2017” has been published to the online repository of Market Research Hub (MRH), offering readers a fresh perspective on the market along with consumer trends, current market size, related key factors, brand sales of CPO vehicles and key players active in the region.
Certified pre-owned cars (CPO) present an attractive alternative to buying a higher-priced new. These vehicles are used vehicles that have been certified by an auto manufacturer or dealership to meet specific quality criteria. Certification gives car shoppers assurances as to the quality of the used vehicle that was purchased and the vehicles typically come at a higher price point than a standard used car. For less money, a CPO buyer can afford a car that feels almost new, even if the odometer is showing some miles. Compared to other used cars, such a vehicle is closer to a new vehicle in terms of price. In other words, CPO programs are ideal for shoppers who want to save money over the price of a new car, but who also want to drive a near-new car with a solid warranty.
This research study starts by presenting detailed overview of market, highlighting the issues and opportunities that will help market leader for further growth. One of the major issues among U.S. consumers is that less than two in 10 car shoppers considering a CPO vehicle for their next purchase because awareness of certified pre-owned programs has limited interest among consumers. To overcome this issue, the research finds that pricing and low mileage can attract non-CPO shoppers. Also, a major opportunity in this market is that CPO shoppers expect to pay $8,000 more than used car shoppers.
Moreover, the report analyzes market size and forecast the market based on CPO sales from 2012 to 2022, considering 2015 as the base year. According to this research, CPO sales growth expected to continue. This section analyzes the key player’s portfolio and the overall sales of CPO in previous years. Ford, Chevrolet, Toyota, and Honda make up nearly half of all CPO sales. Also, growth for Nissan will spur CPO sales in the United States. The research also finds that Toyota Camry has been one of the best-selling cars in the U.S. for several years.
Furthermore, the research finds that market factors such as high consumer confidence and off-lease vehicles increase supply of prime CPO-qualified inventory signals growth in CPO inventory in the near future, so brands and dealerships will need to increase marketing to off-load the additional inventory.
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