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Buying a Car? A Certified Pre-Owned Vehicle Can be Good as New
Used doesn’t have to mean buying someone else’s problems.
Buying a car, new or used is (or at least should be) an exciting experience. More often than I care to admit, I hear horror stories or cautionary tales of others’ experiences. Everything from last minute price changes to vehicles breaking down mere days after they were purchased. To help put some of these terrible occurrences to rest, I recently had the opportunity to sit down with Rida Haider, a top-level sales consultant for Endras BMW of Lakeridge Auto Gallery, just east of the GTA. Rida was able to quickly dispel some of the more common issues and offered quite a few tips to ensure a more pleasant and enjoyable buying experience.
New or Used? This seems to be the constant and ongoing debate most buyers have with themselves. Sure, it would be nice to buy a brand new car, but the cost sometimes out weighs the benefits. According to Rida, “buying a CPO (Certified Pre-Owned) vehicle is a great option.” She continued, “You get a car that has been specifically selected for the CPO program, often has lower mileage and a known service history.” The CPO vehicles are also fully reconditioned to the best of the dealer’s ability and brand requirements with OEM (Original Equipment Manufacturer) parts – meaning any worn out components or blemishes are replaced and repaired to original manufacturers specifications.
Right now (as this is being written) any 2015 BMW models range in interest rates from 0.90% – 2.90%. So, to put that into perspective Rida explains, “A new X5 has a rate of 5.99% for 6-7 years where as a Pre-Owned 2015 X5 would be substantially less expensive with a better interest rate for a longer finance term.” She continues, “If you buy at a ‘B’ lot used car dealer, interest rates are not going to be less than 5.99% in most cases.”
Additional considerations include a comparable warranty and the option to add an additional 4 years of coverage (from the in-service date of the vehicle) and unlimited mileage. When asked about the maintenance considerations between the two options, Rida explained, “Depending on the CPO option that is on the vehicle, the CPO warranty usually covers the replacement of faulty or defective components that should be working from the factory.” Conclusion? You can get an upscale luxury vehicle with warranty at a reduced cost versus a new version.
I questioned Rida further, asking what tips she could offer potential buyers when they are ready to pull the trigger on a new or used vehicle. “Do your research!” she basically shouted across the table. “Go online, know the specs your are looking for and know generally what price point you’re at.” These tid-bits of information help you, the buyer, but also greatly assist the sales person in narrowing down the search for the right vehicle.
She added, “if you (the buyer) don’t feel as though the sales person relates to you or isn’t trust worthy, the experience will more than likely be negative. Try to have an open mind and avoid preconceived notions about the dealership or the brand you are looking at.” Good advice if I’ve ever heard any.
I asked if there was anything else she wanted to add. Keep in mind, Rida is a very pleasant and thoroughly experienced client advisor – She took a deep breath and leaned in close to make sure I got this next bit; “Just like in most other industries, most of us in automotive sales try to advise to the best of our ability. We don’t intentionally want to sell a defective/problem vehicle, because believe it or not – it will cost us more in the long run. The point of CPO is to sell a quality vehicle.”
Another key point was that potential buyers should come in when they are actually ready to make a purchase so as not to waste the seller’s time or their own, since things can change quite a bit depending on what your purchase intentions are. Rida added one more vital tip, “If you are looking for a BMW, or a Toyota or whichever brand of interest, buy it from the OEM dealership. Most of the cars are CPO, and have been reconditioned to factory specs.” She went on to explain, “Not all pre-owned vehicles are CPO but only the OEM dealer can offer it. Other off brand dealers may have an extended warranty available, but it would be aftermarket. Many times there are significant stipulations for coverage, limitations on where the work can be done and deductibles.”
Rida Haider has been involved in the automotive industry for 12 years. She started as a concierge while completing her Psychology degree at York University and quickly leveraged her knowledge into an industry that had great potential. In her own words, “It definitely takes dedication and patience, but I go all in. It’s definitely worth it when I see their faces (clients) when they come to pick up their new baby. It helps working at a place where I support the brand.”
Overall, these tips and pieces of advice from an industry professional should make the car buying experience a positive one. Bottom line: Know what you are looking for, keep an open mind to the buying experience, embrace the CPO option and do your homework!
Photos © Mike Roi of Endras BMW
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