CPO Porsche Cars Are Flying Off Dealer Lots Faster Than the Competition
Owning a Porsche is many car enthusiasts’ dream. And lately, it seems more are making that dream a reality. Sales of certified pre-owned (CPO) Porsche vehicles have been excellent, with more shoppers choosing the German luxury brand over others. So, is 2023 the year of the CPO Porsche?
The company’s certified pre-owned vehicles are selling like hotcakes
Porsche’s car sales in North America have been impressive this year. Certified pre-owned (CPO) Porsche vehicle sales were up 18% in the first quarter of 2023 over the first quarter of 2022, with 8,965 sold. That was a record for any first quarter. The company also sold a record-breaking 9,675 vehicles in the second quarter of 2023, up 23% from Q2 2022. In addition, new car sales totaled 17,440 for Q1 2023, up from 13,042 in Q1 2022.
“This all-time record is a great achievement, and we’re grateful to every customer,” Kjell Gruner, president and CEO of Porsche Cars North America, said in a press release. “It demonstrates the solid demand for our cars and is the result of an awesome combined effort by our dealers.” He added, “Despite such strong demand and records, we’re still feeling some of the supply chain issues affecting the whole industry. Nevertheless, it is a promising start to the year as we ramp up our celebrations of the 75th anniversary of Porsche sports cars.”
On the other hand, recession fears pushed certified pre-owned car sales overall to their lowest point in over a decade. April 2023 saw 214,684 CPO sales industrywide, down 4.2% year-over-year and 6% less than the previous month.
“April CPO sales took it on the chin compared to March, but the pace was healthier than either January or February,” Chris Frey, Cox Automotive’s senior manager of economic and industry insights, said in a recent report.
Why are CPO Porsche sales better than the rest of the industry?
Porsche’s CPO sales numbers are outperforming the average. Cox Automotive reported that 214,684 CPO cars were sold industrywide in April 2023. That figure doesn’t seem small, but sales were down 4% from April 2022. And they were down 6% from March 2023.
However, overall CPO sales in May 2023 grew 5.4%, over 11,000 units, from May 2022 to finish at 219,633. That total is up almost 5,000 vehicles, a 2.3% gain from April’s figure. CPO sales year-to-date remain up 6% from the first five months of 2022, the worst year for the CPO market in over a decade.
Charlie Chesbrough, senior director of economic and industry insights at Cox Automotive, said, “Our initial forecast was for CPO sales to fall a bit this year, but the numbers are not supporting that drop. CPO sales are up nearly 14%, meaning almost 50,000 more CPO units have been sold in the first two months of the year compared to the same time in 2022.” He added, “With younger off-lease units in short supply, automakers are expanding their CPO programs to include older vehicles. As a result, the CPO sales pace so far this year is running hotter than expected.”
Still, Porsche CPO sales are besting the rest of the industry. No clear-cut reason stands out, but the automaker maintains the prestige of a respected luxury brand. Additionally, the company’s North American arm launched a pre-owned vehicle search platform in mid-2020 that might have finally caught on with consumers. Porsche Finder offers “optimized vehicle search functionality by model variant, generation, interior and exterior colors as well as limited and special edition vehicles,” the automaker says.
So, thanks to the greater number of CPO cars on the market and the company’s upgraded platform, now could be an excellent time to buy a CPO Porsche. That is, if your budget allows.
How does a used car become a CPO Porsche?
What are the requirements for a used Porsche vehicle to become certified pre-owned? According to Porsche, the car must meet brand quality standards, beginning with current model-year vehicles and those of the 13 past model years with less than 124,000 miles on the odometer.
Then factory-trained technicians must inspect any eligible vehicle. They perform a 111-point mechanical and cosmetic assessment and use original parts for repairs or replacements. All vehicles must pass the evaluation to get the CPO seal.
Certified pre-owned Porsche vehicles provide more perks than the typical used model. For instance, they have a no-deductible two-year limited warranty including 24-hour roadside assistance. Optional extended coverage is also available. So expected to pay more for a CPO Porsche than the average used car.