Being torn between buying a used or new vehicle is something we’ve all experienced at some point in our lives. But it doesn’t have to be like that, especially if you decide to purchase your vehicle with us at Longo Toyota of Prosper.
If you’re trying to save money without sacrificing quality or leaving behind the peace of mind that a manufacturer’s warranty brings, why not consider our certified pre-owned (CPO) vehicles? CPO vehicles are thoroughly inspected by our Toyota-certified mechanics and meet our highest quality standards. Read on to learn the major benefits of buying a CPO car with us.
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They’re Gently Used Vehicles
For a vehicle to classify as a CPO, it must meet the high standards of a CPO program. For example, the Toyota Certified Used Vehicles (TCUV) program restricts its CPO rating to cars that are less than six years old and that have fewer than 85,000 miles on the odometer.
As you can see, buying CPO means buying a relatively new model with low mileage. The best part is that since most manufacturers wait an average of six years to make major updates and redesigns to their current models, you can always be confident that you are buying a vehicle with the most recent software and features.
On top of that, most of our CPO vehicles are lease returns, meaning they’re nowhere near the TCUV’s mileage limit. Lease terms require leasers to maintain the vehicle in excellent condition and to avoid making any significant modifications. Because of that, the average lease return vehicle is 2-3 years old with fewer than 36,000 miles on the odometer.
They Include Excellent Coverage Policies
One of the biggest reasons people are reluctant to buy a standard used vehicle is the warranty, as most come with poor coverage. CPO vehicles come with an extended manufacturer’s warranty for your peace of mind.
Suppose you buy a CPO vehicle at Longo Toyota of Prosper. In that case, you’re guaranteed to be covered every second of every day during your first seven years of ownership or the first 100,000 miles you put on the clock, whichever comes first. Our excellent coverage policy includes a 12-month or 12,000-mile Limited Comprehensive Warranty and a 7-year or 100,000-mile Limited Powertrain Warranty.
Note that coverage starts the day you purchase a vehicle through the TCUV program, so if you buy a car with 25,000 miles on the odometer, you’ll still have the 100,000 miles of your warranty intact.
They Offer Slower Depreciation
If you didn’t know, the biggest downside of buying a new vehicle is the rapid rate at which it depreciates, especially right after you make a purchase. New cars lose the most value during the first year (around 20%), followed by around 15% each year for the next four years. In other words, your great new vehicle will be worth less than 40% of its original price after the first five years.
CPO vehicles are a smart way to avoid the financial hit, as they come with slower depreciation rates and are in optimum condition, so you are unlikely to have to pay for substantial repairs.
They Undergo a Thorough Inspection
As previously mentioned, a vehicle must meet specific benchmarks to be classified as a TCUV. The main two are a rigorous 160-point inspection and a review of the vehicle’s CARFAX history. The 160-point Quality Assurance Inspection, which goes up to 165 for fuel cell vehicles and 174 for hybrids, helps us know which cars meet our strict standards of detailing, mechanics, and appearance. This ensures you’re getting a like-new vehicle.
Every TCUV undergoes a CARFAX history review — only those that meet Toyota’s standards can be part of the program. When you purchase one of our CPOs, it will come with a CARFAX Vehicle History Report at no additional cost. This report details the car’s damage and accident history, service records, number of owners, and other important information about the vehicle’s history.
Our Toyota-trained technicians are in charge of thoroughly inspecting a potential TCUV, completing any repairs if necessary and reconditioning the vehicle after the inspection if it doesn’t meet any one of our high standards. As you can see, the objective of the TCUV program is to provide customers with vehicles that are barely distinguishable from new ones.
They Have Lower Costs and Financing Rates
Since CPO vehicles aren’t subject to the same 15% yearly loss in value as new cars, they cost significantly less money than new ones. In fact, that new-vehicle deprecation is why you can spend less on a CPO car.
You can easily find a 2-year-old CPO vehicle in your desired make and model for 30% less than its original price. Furthermore, most banks and financing institutions favor CPO cars, which means you can get lower financing rates.
If you’d like help finding the right financing options or if you want to know more about the financial part of this process, we invite you to get in touch with a member of our team.
There’s Less Risk Involved
Buying a standard used car is risky, as there’s a high chance it will need some repairs or a few visits to the mechanic during the first year. In other words, you’re paying for a cheaper car that will become more expensive in the long run.
However, if you go down the CPO route, there’s little to no risk involved, as you get a car backed by the Toyota guarantee. That means you’re covered 24 hours a day, seven days a week for seven years or during your first 100,000 miles — not to mention the rigorous certification process that ensures your car starts off in great condition.
They Haven’t Been in a Major Collision
To offer customers the very best, we only give the Toyota Certified Seal of Approval to vehicles that have never had any defects or problems, such as having been involved in a major collision.
When you purchase a CPO vehicle at Longo Toyota of Prosper, you get a high-quality, low-mileage car that will be with you for as long as you desire. On top of that, your CPO vehicle is covered by Toyota’s warranties, so you have nothing to worry about.
Come visit us, and take a look at all the CPO vehicles available for you.
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