Third Option Now Available Beyond New, Used Cars

People looking for a new car but who need something priced a little more like a used car, there's a new alternative.

"There's always been a hang up in many people's minds as to the buying someone else's problems by buying someone else's car," said Tom Kontos, an automotive industry analyst.

"When you buy a used car it is such a large investment nowadays that you want to make sure you're getting a good value," said Charlie Cheevor, a used car buyer.

So what did Cheevor do to insure he got good value? He bought a certified used sport utility vehicle.

"You can actually call these kind of 'new' used cars, because you have a new warranty with the vehicle," said Scott LaRiche, a certified used car dealer. "That makes a huge difference. It's added value for the customer."

Certified used vehicles, which General Motors calls a new, fast-growing category, are really a third option between new and traditional used cars. Vehicles are inspected and reconditioned to manufacturers standards and given a warranty and even road-side assistance in most cases.

"It provides the consumers the opportunity to buy a used vehicle ... backed by the manufacturer," said GM's Jeff Heichel.

"The certification process really takes a lot of the concerns that consumers might have in buying a used car out of the equation entirely," Kontos said.