Certainly automakers and dealerships want buyers to pay a premium retail price for a certified pre-owned vehicle stemming from the reconditioning and other costs associated with the unit. But are consumers ready to pony up the extra cash or willing to finance that additional cost?

The latest survey from NADA Used Car Guide gave OEMs and managers some tangible data.

As a part of NADA Used Car Guide’s 2016 Certified Pre-Owned Consumer survey, consumers were asked to select a dollar amount they would be willing to pay for a CPO vehicle above and beyond a non-CPO used vehicle. The question was prefaced with a series of common CPO program benefits — comprehensive inspection and reconditioning requirements, an extended bumper-to -bumper warranty, etc. — to help respondents assign value.

Taken as a collective, analysts found the largest chunk of respondents (39 percent) were willing to pay up to $1,000 more for a CPO vehicle versus a non-certified used vehicle.

However, analysts noticed a sizable 31 percent of participants stated they weren’t willing to pay any premium for a CPO vehicle.

The remaining portion of responses were spread between a $1,000 to $2,000 premium to a more than $4,000 premium.

As might be expected, CPO premium results were much different when the data is grouped by the likelihood of a future CPO purchase. Of those stating they were, “likely” or “extremely likely” to consider purchasing a CPO vehicle, 44 percent said they would pay up to $1,000 more versus a non-certified vehicle. Just 11 percent said they would pay nothing.

In addition, 22 percent stated they would pay $1,000 to $2,000.

Although the sample size is somewhat small — 181 participants to be exact — NADA UCG indicated 36 percent of luxury vehicle consumers said they would pay a premium of up to $1,000, while 32 percent would pay $1,000 to $2,000.

Just 8 percent of self-proclaimed luxury buyers wouldn’t pay any premium.

“Given that NADA Used Car Guide mainstream and luxury brand CPO premiums currently average $1,190 and $2,160, respectively, consumer feedback among those willing to buy a CPO vehicle is generally in line with where premiums are actually transacting,” analysts said in their August Perspectives that was dedicated to summarizing the survey data.

Of those claiming neutral intent toward a CPO purchase, NADA UCG pointed out the vast majority (44 percent) once again were willing to spend up to $1,000. In contrast, a sizable 28 percent weren’t willing to pay anything above and beyond the cost of a typical used vehicle.

“Not surprisingly,” according to analysts, premiums were much lower for individuals claiming they were either unlikely or extremely unlikely to consider a future CPO purchase, with nearly 60 percent stating they would pay nothing.

“It should be noted that premium results based on purchase likelihood were generally similar when viewed by age, gender and level of CPO familiarity,” NADA Used Car Guide said.

In light of that cost premium information — along with what Auto Remarketing previously reported about CPO awareness — NADA Used Car Guide tried to explain what it all means for dealers and automakers. The summations came from two regular participants who are coming back to this year’s Used Car Week, which runs from Nov. 14 to 18 at the Red Rock Resort and Casino in Las Vegas.

Jonathan Banks, executive analyst at NADA Used Car Guide said, “What the data tells us is that there is an opportunity for the industry to make consumers more aware of the availability of manufacturer certified pre-owned vehicle programs.”

Larry Dixon, senior manager of market intelligence at NADA Used Car Guide added, “There is also an opportunity to educate consumers on the benefits of CPO vehicle ownership and why it may be worth paying more over a non-certified used vehicle.”