Honda and Acura add new CPO used car warranties
The U.S. economy is slowing down and it’s affecting used car sales. In addition, used car prices are higher than most buyers anticipated. Depreciation is also falling faster on new cars. To combat the slow sales of used cars Honda and Acura have rejiggered their CPO used car warranty (CPO=Certified Pre-owned). Honda and Acura CPO used cars will now have a second tier of protection that includes roadside assistance and oil changes. Acura CPO vehicles will also include free scheduled maintenance.
The new Honda and Acura CPO used car warranty programs are called HondaTrue Certified and Acura Precision Certified.
The HondaTrue Certified program included 12 months or 12,000 miles of coverage beyond the non-powertrain warranty (3-years or 36,000 miles). The new “Plus” tier includes an additional 23-months or 50,000 miles of coverage on top of the factory warranty. However, the Plus warranty is only available on used cars with less than 12 months or 12,000 miles on the odometer.
Acura’s Precision Certified program extends the nonpowertrain warranty period from to 24 months and 50,000 additional miles of coverage. That means a certified Acura is covered for six years from the date of the original purchase or 100,000 miles, whichever comes first. Acura also added a free scheduled maintenance with oil change, tire rotation, fluids and filters.
Honda and Acura CPO sales rise
The sales of Honda and Acura CPO have risen four to five times the market average through July 2010. At the same time the volume of Honda cars coming off-lease exceeds the half-million mark.
Honda and Acura CPO makes up half dealer sales
Honda and Acura CPO used cars sell faster than non CPO vehicles, so dealers pay less in interest fees. Once a buyer purchases a Honda or Acura CPO used car, they’re more likely to buy the Honda and Acura brand again when they need another vehicle.Posted on by Rick Muscoplat