A poll of U.S. consumers shows that many are open to buying certified preowned vehicles, but a potential major expansion of CPO buyers isn’t being realized.

The Cox Automotive survey of more than 800 consumers who plan to buy a vehicle in the next six months found that a significant 74% find CPOs appealing – steady from 2023 when Cox conducted its last CPO survey.

Over the same period, the percentage who consider new vehicles appealing purchase options fell from 85% to 76% this year.

Beyond simple appeal, 57% of auto shoppers said this year that they’re considering a CPO. Separately, 46% said they’re open to buying one, find them appealing and are willing to pay a premium for them – what Cox considers “high potential” CPO buyers.

Those are strikingly different numbers than the current CPO market at just 12% of used-vehicle retail transactions, according to Cox data.

“The larger challenge is helping shoppers understand and justify the value proposition," said Cox Senior Manager of Research and Market Intelligence Vanessa Ton. "For this, dealers and automakers alike should have a strong, consistent message about the benefits of CPO and raise the profile of CPO inventory."

CPOs continue to beckon to consumers strapped by high inflation as they shop for cars and a variety of other needs. Some obstacles, though, get in the way of many actually buying them, Cox found.

Principally, many consumers don’t understand what CPOs are, at least not fully, according to the survey. Familiarity with the segment actually waned from 87% in 2023 to 81% this year. That includes those who are open to buying CPOs – just 31% said they specifically understand what CPOs are, and just 27% of used-vehicle shoppers do.

Even the CPO acronym is fuzzy for many consumers, about two-thirds of survey respondents saying they're unclear on what it stands for, Cox said.

Once a consumer buys a CPO, though, he or she is more likely to buy another; in fact, 72% of current CPO owners say they wouldn’t switch to non-CPO vehicles, the survey found.