This April, you can find some great deals on certified pre-owned (CPO) models across the country. Before you head to the dealership for a test drive, check out these April CPO finance deals.
Certified Pre-Owned Deals in Response to the Coronavirus Pandemic
Several automakers are offering additional incentives on CPO vehicles to help car buyers during the coronavirus pandemic. If you purchase a CPO vehicle through BMW, Infiniti, Lexus, Nissan, or Toyota, you could qualify for three months of deferred payments on select CPO models. Keep in mind that your vehicle loan may continue to accrue interest during the deferment period, so be sure to read the fine print.
As COVID-19 continues to have a growing impact on our economy, you can trust U.S. News & World Report to help you navigate these troubling times. We answer tough questions like What Should I Do if I Can't Make My Car Payment? Check out Coronavirus and Cars: What You Need to Know for all the latest coverage and answers to your questions.
Best Certified Pre-Owned Deals for April 2020
This month, you can get rates lower than 1% from a few brands, including affordable ones like Subaru. Acura, Jaguar, and Land Rover are also offering this appealing rate. However, these deals are typically available only with two to three years of financing.
Many more automakers are offering financing rates below 2%, including nonluxury automakers like Nissan and Ford, as well as luxury brands like BMW, Infiniti, Lexus, Lincoln, and Mercedes-Benz. Again, some of these deals have short three-year terms, but Lexus, Lincoln, and Nissan offer terms of five or six years.
With its low interest rates, long loan terms, and payment deferral in response to COVID-19, Nissan's CPO deals are the most comprehensive this month.
Here is a list of the best CPO deals for April 2020:
Acura: 0.99% for 24 to 36 months on 2015-2020 RDX and TLX models (Expires 6/1/2020)
BMW: Deferred payments for 90 days plus 1.99% for 48 months on select 2016-2018 CPO models, and $500 to 1,000 cash back, depending on the model (Expires 4/30/2020)
Cadillac: 2.9% for 60 months on select CTS sedan, Escalade, and XT5 models (Expires 4/30/2020)
Ford: 1.99% for 36 months on select CPO models, including the Ford F-150 full-size pickup truck (Expires 6/30/2020)
Infiniti: Deferred payments for 90 days plus 1.99% for 36 months on all 2015-2020 CPO models (Expires 4/30/2020)
Jaguar: 0.9% for 24 months or 1.9% for 36 months on select 2016-2018 CPO E-Pace, F-Pace, F-Type, XE, XF, and XJ models (Expires 4/30/2020)
Land Rover: 0.9% for 24 months or 1.9 for 36 months on select 2016-2018 CPO Discovery, Discovery Sport, LR4, Range Rover, Range Rover Evoque, Range Rover Sport, and Range Rover Velar models (Expires 4/30/2020)
Lexus: Deferred payments for 90 days; 1.9% for up to 60 months on select 2016 and 2017 ES models; 2.9% for up to 60 months on select 2016 and 2017 NX models (Expires 4/30/2020)
Lincoln: 1.9% for up to 72 months on select CPO Black Label models (Expires 6/30/2020)
Mercedes-Benz: 0.99% for 36 months on select 2016-2018 CPO models, including the CLA, C-Class, E-Class, GL, GLA, GLC, GLE, GLS, and S-Class sedan (Expires 4/30/2020)
Nissan: Deferred payments for 90 days; 1.99% for 60 months on select 2015-2019 CPO Nissan Altima, Sentra, Rogue, and Rogue Sport models; or $450 cash back on select 2015-2019 Nissan Altima, Sentra, Rogue, and Rogue Sport models (Expires 4/30/2020)
Subaru: Financing as low as 0.99% on all 2015-2020 CPO models, including the Crosstrek and Ascent SUVs (Expires 4/30/2020)
Toyota: Deferred payments for 90 days on CPO models, including the Camry (Expires 5/4/2020)
At the time of writing, there are no advertised CPO deals from Audi, Buick, Chevrolet, Chrysler, Dodge, Genesis, GMC, Honda, Hyundai, Jeep, Kia, Mazda, Mini, Mitsubishi, Volvo, or Volkswagen for this April.
If you’re looking for great deals on cars not covered by these CPO deals, check out these other used car financing offers.
What Is a Certified Pre-Owned Vehicle?
For pre-owned vehicles to become certified by an automaker, they must be less than five or six years old and have fewer than 60,000 to 80,000 miles on the odometer. These vehicles also undergo multipoint inspections at the dealership level.
CPO vehicles often come with additional perks, though these benefits vary by the manufacturer. Some of the best programs feature 10-year/100,000-mile warranties, complimentary scheduled maintenance from the dealer for a set period, a free Carfax report, rental car reimbursement, and roadside assistance.
With these rigorous inspections and added benefits, you won't have to worry as much about mechanical problems or the previous owner's inattention to maintenance. A trade-in vehicle that is old, has issues, or has too many miles won’t be accepted by a dealer into its CPO inventory. To learn more, read How CPO Programs Work and check out our list of the Best CPO Programs.
Why Should I Buy a Certified Pre-Owned Vehicle?
Last month, the average price of a new car was just over $37,700. That's a 2.6% increase from April 2019, according to Kelley Blue Book. Depending on the market segment and the age of the vehicle, the price of the average used car is between one-third and two-thirds the price of a new car.
Purchasing a used car is becoming more and more appealing as buyers look to get a good deal to save money, especially during hard times. For many consumers, paying less for a used car that is similar to a new model makes good financial sense. To entice potential buyers, automakers offer low interest rates and cash-back incentives on the certified pre-owned inventory that is on dealership lots.
Monthly CPO car deals mostly consist of low-interest financing offers that come directly from the automakers. Some brands tout interest rates that are lower than the national average rate for used car loans. With a lower interest rate, you'll pay less over the course of the loan. Although CPO vehicles tend to cost more than other used cars, securing a lower interest rate helps offset the higher price of buying a certified model.
Looking to buy a used car, truck, or SUV? Check out our Used Car Rankings, where you can read our car reviews and compare used cars by class, model year, body style, and budget to help you get a great deal and make the best car-buying decision. Also search our Used Car Listings, where you can browse vehicles for sale in your area using various search criteria to find a low price. While we work to keep used car deals up to date and accurate, the best source of current discounts and incentives on a used or certified pre-owned car is your local dealer.