Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 05-27-2020, 01:45 PM   #81
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 49,021
CPO vehicles usually cost more and some say what you are actually paying for is nothing more than an extended warranty. One school of thought is you should be able to find a similar non-CPO vehicle for less, and use the savings to pay for any repairs if needed.

I happen to like buying CPO, and currently own two we purchased in 2015.
__________________
Numbers is hard

The key to understanding human behavior is realizing half the population is below average.
REWahoo is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-27-2020, 03:09 PM   #82
Thinks s/he gets paid by the post
 
Join Date: Jun 2017
Location: Chicagoland
Posts: 1,127
Quote:
Originally Posted by Popeye View Post
Whatís wrong with CPO? Iím looking at one or two right now. Under 10k miles and over 25% off Msrp. 2019 models. Something to be wary of?
I got burned by Audi when I found out my CPO'd A6 had actually been in an accident and improperly restored. Long story short: Even though I got the dealer to admit they'd concealed the damage, they refused to do anything more than some cosmetic touch-ups, and when I complained to Audi HQ, they did nothing.

I know that's one bad experience, but I've read a little bit about the CPO market and learned the CPO tag can be just marketing. See, for example, these articles from Edmunds (link) and Consumer Reports (link).
CoolRich59 is offline   Reply With Quote
Old 05-27-2020, 03:24 PM   #83
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 49,021
Quote:
Originally Posted by CoolRich59 View Post

I know that's one bad experience, but I've read a little bit about the CPO market and learned the CPO tag can be just marketing. See, for example, these articles from Edmunds (link) and Consumer Reports (link).
The Edmunds article you linked doesn't appear to discourage purchasing CPO. It does stress the importance of making sure you are getting a vehicle certified under the manufacturer's CPO plan and makes it clear you shouldn't expect perfection, but the bottom line:

Quote:
Should I Buy a CPO Car?

Could you find a high-quality used car that's as good as a CPO car on your own and save some money? Yes. But that would likely take a lot of time and effort. Meanwhile, CPO vehicles are readily available and pre-inspected. There's also the warranty and CPO perks to consider — you don't find those things with a run-of-the-mill used car.

The CPO buying process should be a little less uncertain than typical used-car buying. There is always some level of risk involved in buying any used car, but with a CPO vehicle, it is typically lower. Mechanics who are trained to spot trouble have inspected it. A manufacturer backs it with a limited warranty — and maybe a powertrain warranty, too. Depending on the program, you might have roadside assistance and a loaner-car program at your disposal. You have the manufacturer to turn to if you need help resolving an issue at the dealership level. All those are benefits you typically don't get with a non-CPO car.
__________________
Numbers is hard

The key to understanding human behavior is realizing half the population is below average.
REWahoo is offline   Reply With Quote
Old 05-27-2020, 06:24 PM   #84
Thinks s/he gets paid by the post
 
Join Date: Jun 2017
Location: Chicagoland
Posts: 1,127
Quote:
Originally Posted by REWahoo View Post
The Edmunds article you linked doesn't appear to discourage purchasing CPO. It does stress the importance of making sure you are getting a vehicle certified under the manufacturer's CPO plan and makes it clear you shouldn't expect perfection, but the bottom line:
Yes. I was looking for balanced articles and thought these two covered the subject well.

As you noted, you can find CPO cars that have undergone some kind of certification inspection and work, while others have not. I think some people (and I was one of them) see "CPO" and treat it as some kind of Good Housekeeping seal and fail to do any due diligence. If I was to consider another CPO car, I would definitely have it inspected by a mechanic I trust.
CoolRich59 is offline   Reply With Quote
Old 05-27-2020, 09:06 PM   #85
Recycles dryer sheets
Popeye's Avatar
 
Join Date: Sep 2016
Posts: 393
Quote:
Originally Posted by CoolRich59 View Post
Yes. I was looking for balanced articles and thought these two covered the subject well.

As you noted, you can find CPO cars that have undergone some kind of certification inspection and work, while others have not. I think some people (and I was one of them) see "CPO" and treat it as some kind of Good Housekeeping seal and fail to do any due diligence. If I was to consider another CPO car, I would definitely have it inspected by a mechanic I trust.
I would certainly expect no problems, especially from Audi! Iím actually looking at Audiís now. Iíll be sure to confirm it is a manufacturer CPO and not just the dealerís. They posted the Carfax on them already as well.
Popeye is offline   Reply With Quote
Old 05-27-2020, 10:44 PM   #86
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 13,894
Quote:
Originally Posted by Sunset View Post
Carl Icahn has really disappointed me, not the investment whiz he was touted to be.
Maybe I can get a Hertz car as a dividend
Just read Icahn sold all his Hertz shares after they declared bankruptcy.
Which was after the stupid CFO etc got their many hundreds of millions retention bonus (since they did such a good job ).

Icahn sold them for 72 cents ea. in the Barron's report I read.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 05-28-2020, 03:47 AM   #87
Full time employment: Posting here.
wrigley's Avatar
 
Join Date: Nov 2008
Location: Jacksonville
Posts: 557
Quote:
Originally Posted by Spanky View Post
Don't they do extensive cleaning prior to selling?
That’s what I’m talking about. The products they use to clean and freshen are horrible smelling. I think those products are made solely for the rental car industry because every rental I have ever been in smells just as bad as the last one!

Mike
wrigley is offline   Reply With Quote
Old 05-28-2020, 04:09 AM   #88
Thinks s/he gets paid by the post
Out of Steam's Avatar
 
Join Date: Mar 2017
Posts: 1,197
Quote:
Originally Posted by brewer12345 View Post
I would not be shocked if the factory shutdowns and the difficulties getting restarted mean that the supply of new vehicles is modest hence the low discounts.

The Hyundai dealer near my house is pulling its new cars to the street side of the lot, and has a lot of empty space behind them.
Out of Steam is offline   Reply With Quote
Old 05-28-2020, 04:15 AM   #89
Thinks s/he gets paid by the post
Out of Steam's Avatar
 
Join Date: Mar 2017
Posts: 1,197
Quote:
Originally Posted by MatatuPuncher View Post
I am shocked at the number of people that would consider buying a rental car. The amount of abuse dished out to those things, omg.

I drive them faster than I would drive my own car, but that's mostly because I'm usually in places where the roads are less crowded than near my house within 10 miles of I-95. I'm not jumping curbs just for fun.

That said, I'd consider a rental car with 25-30K miles on it for the right price. As a rental customer, they start looking and feeling rough at 40K miles.
Out of Steam is offline   Reply With Quote
Old 05-29-2020, 04:02 PM   #90
Full time employment: Posting here.
 
Join Date: Aug 2005
Location: Far NW 'burbs of Chicago
Posts: 779
Hertz put a bunch of Corvette Z06 cars, real hot stuff, from their fleet on the market recently. Discussing it on the Corvette Forum, everyone talks about rental cars being beat up and poorly maintained. But a few people who had actually bought Hertz Corvettes in the past, all said they had excellent results with the cars. I know one guy who bought two Hertz Corvettes over the years and was very happy. One woman bought a Hertz Corvette several years ago with maybe 40k miles on it, she finally traded it at about 250k miles! and had only normal maintenance.

I wouldn't do it, but others have been very happy.
Gearhead Jim is offline   Reply With Quote
Avoid them
Old 05-29-2020, 05:40 PM   #91
Recycles dryer sheets
 
Join Date: Nov 2010
Location: Crossville
Posts: 281
Avoid them

A rental vehicle is the last used car I would want to purchase. I have seen how some people treat them from my pre-retirement work life.
ychuck46 is offline   Reply With Quote
Old 05-30-2020, 10:48 AM   #92
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 13,894
I've been tempted to buy a rental car.
The companies seem pretty upfront about the various ones available.

Of course I'm influenced by the fact I drive a rental as carefully, and make sure to park far from store doorways, so nobody wants to park near me and dent the rental.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 05-30-2020, 11:11 AM   #93
Thinks s/he gets paid by the post
 
Join Date: Jul 2007
Location: St. Louis
Posts: 1,555
Quote:
Originally Posted by Gearhead Jim View Post
Hertz put a bunch of Corvette Z06 cars, real hot stuff, from their fleet on the market recently. Discussing it on the Corvette Forum, everyone talks about rental cars being beat up and poorly maintained. But a few people who had actually bought Hertz Corvettes in the past, all said they had excellent results with the cars. I know one guy who bought two Hertz Corvettes over the years and was very happy. One woman bought a Hertz Corvette several years ago with maybe 40k miles on it, she finally traded it at about 250k miles! and had only normal maintenance.

I wouldn't do it, but others have been very happy.
That a good sign for the average joe cars they have. If they will treat a vet ok.
FANOFJESUS is offline   Reply With Quote
Old 05-30-2020, 02:09 PM   #94
Confused about dryer sheets
 
Join Date: Sep 2008
Posts: 3
There are various pros/cons on ex-rentals, but one that most folks overlook is that many are virtually identical from same vendor. If you're a person who tends to buy used vs new, that has value. Typical used car vendor will likely show you several cars, you'll drive them and then decide. This exposes you to the decision matrix of which part of each one did i like and which part of each one was good/bad. In a rental fleet used car lot, you can often drive half a dozen or more identical vehicles. Now the decision is which one of these is the best one of these. Sort of like raising sextuplets ad knowing you are going to have to get a lot of pairs of shorts in pretty much the same size. One night I actually drove a dozen identical 4wd V6 2001 Ford Escapes, all with 21-24k miles. One just "felt better" and when I viewed the maintenance records, it was the one that had the engine replaced under warranty just 6k miles ago. I used to get an auto allowance for many years, so driving my own car was required. I've owned over a dozen ex-rentals all either 4wd SUV or typical four door sedans. The one I keep at my daughter's house is an ex-Enterprise and the one I have in CA is an ex-Hertz.
Cotty is offline   Reply With Quote
Old 05-30-2020, 02:43 PM   #95
Thinks s/he gets paid by the post
USGrant1962's Avatar
 
Join Date: Dec 2016
Location: DC area
Posts: 2,087
Quote:
Originally Posted by Popeye View Post
I would certainly expect no problems, especially from Audi! I’m actually looking at Audi’s now. I’ll be sure to confirm it is a manufacturer CPO and not just the dealer’s. They posted the Carfax on them already as well.
I bought an A4 "CPO" just before COVID hit. CPO in quotes is an interesting story. The car (2018 with 11K miles) was listed as CPO. They showed me the inspection report, etc. After the test drive I decided I wanted it and tried to see if they would move on price as there was another comparable car at another dealer for slightly less. They wouldn't really budge.

After a bit, the sales manager said he could not submit the CPO warranty and take that fee (which goes to Audi) off the price. It was $750, a lot for a one-year warranty extension. So I took that deal, $750 off a CPO-qualified car without the extended warranty.

So far so good except it has mostly sat in the garage during the repression.

I've also bought a car from Hertz for the kid to drive - a Toyota Matrix. No problems there. You rent it for a couple of days, take it to your mechanic, and if you buy it are credited the rental cost.
__________________
FI and Semi-ER March 24, 2017
Consulting to stay engaged

"All models are wrong, some are useful." - George Box
ďThere is always a well-known solution to every human problem: neat, plausible, and wrong.Ē - H.L. Mencken
USGrant1962 is offline   Reply With Quote
Old 05-31-2020, 08:57 AM   #96
Thinks s/he gets paid by the post
 
Join Date: Apr 2010
Posts: 4,768
I believe that the covid and post covid economic downturn will have a far greater impact on the cost of used cars.

New car prices are coming down in the form of various buyer incentives. These incentives are bound to have a negative impact on used car sales and prices. Just as they did in previous recessions.
brett is offline   Reply With Quote
Old 06-12-2020, 08:10 PM   #97
Recycles dryer sheets
RetiredAtThirty-eight's Avatar
 
Join Date: Mar 2020
Posts: 368
The volume of new EV's hitting the market will also pressure new gas car prices. People are starting to understand that there are many advantages to EV's and the total cost of ownership is more important than the price upfront. Plus, some people just like to treat themselves sometimes.
RetiredAtThirty-eight is offline   Reply With Quote
Old 06-12-2020, 08:20 PM   #98
Thinks s/he gets paid by the post
USGrant1962's Avatar
 
Join Date: Dec 2016
Location: DC area
Posts: 2,087
Quote:
Originally Posted by RetiredAtThirty-eight View Post
The volume of new EV's hitting the market will also pressure new gas car prices. People are starting to understand that there are many advantages to EV's and the total cost of ownership is more important than the price upfront. Plus, some people just like to treat themselves sometimes.
I doubt the ~2% market share of EVs in the US (even growing at 20% CAGR) will affect car prices any time soon. Especially considering that they are all above the median new car price.
__________________
FI and Semi-ER March 24, 2017
Consulting to stay engaged

"All models are wrong, some are useful." - George Box
ďThere is always a well-known solution to every human problem: neat, plausible, and wrong.Ē - H.L. Mencken
USGrant1962 is offline   Reply With Quote
Old 06-13-2020, 01:08 AM   #99
Recycles dryer sheets
RetiredAtThirty-eight's Avatar
 
Join Date: Mar 2020
Posts: 368
I agree that there is not enough EV manufacturing capacity on-line at the moment to impact lower end car prices but at the middle and higher ranges, gas cars have to compete with some pretty compelling EV's which limits the MSRP's of mid-higher tier ICE vehicles. Some people think EV's only compete with other EV's and that was true when EV's had short ranges but now that they can go 300-400 miles on a single charge they are competing directly with gas-powered vehicles and people are willing to pay a premium for the advantages you can only get with an EV.
RetiredAtThirty-eight is offline   Reply With Quote
Old 06-13-2020, 05:00 AM   #100
Full time employment: Posting here.
BeachOrCity's Avatar
 
Join Date: Jun 2016
Posts: 875
Quote:
Originally Posted by RetiredAtThirty-eight View Post
The volume of new EV's hitting the market will also pressure new gas car prices. People are starting to understand that there are many advantages to EV's and the total cost of ownership is more important than the price upfront. Plus, some people just like to treat themselves sometimes.


Total cost of ownership? Any studies that back that up?
BeachOrCity is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Cars , Cars and more Cars for the car guys Breedlove Other topics 123 04-24-2019 04:39 PM
Decreasing Spending Model? stil190 Hi, I am... 33 03-20-2017 03:50 PM
Bloomberg article on dividend cuts due to oil prices jabbahop Active Investing, Market Strategies & Alternative Assets 20 03-22-2016 06:46 PM
Vehicle Safety:IIHS Tests A Few Small Cars Against Medium Cars samclem Other topics 15 04-16-2009 12:29 PM
Decreasing Retirement Benifits yakers FIRE and Money 17 09-27-2006 06:48 PM

» Quick Links

 
All times are GMT -6. The time now is 03:09 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2022, vBulletin Solutions, Inc.