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Susan Frissell, Ph.D.
Women With Wheels

Some of us are old enough to remember when buying a "used" vehicle meant only one thing: We couldn’t afford a new one. And while pricing is still a factor for many buyers, used cars are thought of more positively today.

With the advent of pre-driven vehicle organizations, such as CarMax and AutoNation, buying "used" has become commonplace. Going after these same buyers, the major auto manufacturers began their own used car programs, with such names as ‘pre-driven" and "certified."

Certified Vehicles

In 2001, a record 42.6 million used vehicles were sold (total market); 670,000 through certified programs. This includes program vehicles, dealerships and vehicle superstores (CarMax). The industry known as certified used vehicles grew 45 percent. Already, in the first two months of ’02, 150,000 units were sold. Even at these numbers, only 46 percent of used car buyers are aware of "certification," according to J.D. Power. In the minds of the auto manufacturers this translates to big sales, with 90 percent of the market yet to be conquered.

Started by Lexus in 1993, certified used car programs are offered by most automobile manufacturers today. A certified vehicle is one that is reconditioned to factory specifications, and carries a warranty, generally of 3 months/3,000 miles. Buying a certified vehicle gives the consumer confidence and peace of mind not previously offered in used cars. In the past, when you bought "used," you bought "as is," with little, if any, recourse. Today, however, purchasing a used vehicle under a certified program is becoming a popular option for many consumers. Auto manufacturers expect this type of car buying to become even more popular.

According to Jeff Heichel, Director of Used Vehicle Activities for General Motors, it was difficult at first to get dealerships to buy into the certified used vehicle concept. It was an expensive proposition for dealers. General Motors had to do something to convince them, approaching it as though they were winning over their first consumer (the dealer). At one time, 70 percent of a dealership’s budget went to luxury vehicles; now it’s 30 percent.

Heichel claims there are more women than men buying used vehicles in today’s market; the average age forty-three. This is a group of consumers, he continues, who spend their money wisely. The certified used vehicle market will continue to grow, according to GM, as 4 million vehicles come off lease this year. Many of these vehicles will be purchased by dealers to sell as certified. A certified vehicle, on average, says Heichel, sells six days sooner than a non-certified vehicle.

As a business building repeat business, certified used vehicles are expected to grow another 10-15 percent. A consumer will pay on average $900 more for a certified used vehicle; representing the difference between "must have" and "willing to settle for." GM’s goal, says Heichel, is to double sales to 200,000 unites in ’02, then double it again in ’03.

Below is a look at what just a few of the automobile manufacturer’s certified used vehicle programs offer:

Copyright 2002. Susan Frissell, Ph.D., Women With Wheels. All Rights Reserved