Back in April, Yamaha announced a new Certified Pre-Owned PWC program that allows dealers to sell Certified Pre-Owned (CPO) personal watercraft (PWC) to consumers. It's somewhat surprising that it took a manufacturer so long to come up with a program like this since it has worked so well in the automotive industry for years. According to Powersports Business, 90% of used PWC units are sold by private parties – through newspaper ads, lawn signs, Craigslist and more. This new program should bring some of that business back to the dealer showrooms.
The Deal for Dealers
The new Certified Pre-Owned PWC Program allows dealers to buy and sell any used WaveRunner that is 6 years old or less with fewer than 200 hours clocked on the engine. Each PWC must go through a 35-point inspection to qualify. Dealers must pay a nominal yearly fee of $349 to participate but they must also a pay a $349 certification fee per unit to cover additional expenses for enhanced flooring benefits (to help offset the cost of holding the inventory), special financing options, a 1-yr YES warranty and other administrative mumbo-jumbo. As a consumer, my guess would be that the $349 would be tacked onto the sale price of the CPO unit to help offset their costs. But don't quote me on that.
The Benefit for Buyers
The benefits for the buyers are actually quite significant in the world of used personal watercraft. Any consumer that takes advantage of the Certified Pre-Owned PWC Program may be able to take advantage of:
- Special financing – including 0% interest for 6 months
- Full warranty – each unit will be sold with a 12-month warranty
- Extended warranty – many used PWC units may already have a manufacturer warranty in place and you can add to that existing warranty to extend the coverage
- Extended service plans – can be purchased at the time of sale
- Peace of mind – each CPO PWC must pass a 35-point inspection, so you know it is in good running condition. Even if something does happen, you're covered for a full 12-months. You can't get that when you buy from a private seller.
The Certified Pre-Owned PWC Program Buy-In
So far, there doesn't seem to be any massive industry following for Yamaha's program. I would have expected to see more manufacturers coming out with similar Certified Pre-Owned PWC Programs of their own by now, but I've scoured the Web and that doesn't appear to be the case. Dealers [and consumers] are loving it though. Many consumers that look into buying PWCs often look into new models before purchasing used. The program gives dealers a chance to attract some of the business they previously were losing to private-party sales as well as an opportunity to up-sell the prospective buyer on a new or newer-used unit. Buyers benefit from the added warranty and peace of mind. It really is a win-win program for everyone involved. I'm sure we'll see other manufacturers jumping on the bandwagon by next summer. They'd be silly not to.
About the Author: J.M. Stickney is a powersports enthusiast working as the Digital Marketing Manager at GearUp2Go. She loves to ride her Suzuki GSX-R600 on the street or at the track. While not on her bike she spends a lot of time outdoors, writing, reading, running or spending time with her family.