Premium brands like BMW, Lexus and Audi are pushing "pre-owned" vehicle sales. Yes, there is no "new car smell," but these deals are still much better than owning a premium brand new car upfront (let's say the certification premium they charged is an insurance that buys peace of mind).

For those new to this, "certified pre-owned" is a term car makers are using to describe relatively low mileage used vehicles, many of them fresh out of three-year leases, which have gone through some factory-defined process of reconditioning and inspection. In days gone by you might have called these cars "cream puffs." Manufacturers typically offer a warranty on their certified pre-owned vehicles, and often offer better financing terms for these cars than you'd expect for a used vehicle.

The certified pre-owned proposition is basically this: You will pay more for the comfort of buying a car that is "certified" than you would for a car that is just used. Dealers will make a nice profit. The car maker gets the benefit of moving a car that might otherwise sit around dragging down resale values for new models. But you, the certified pre-owned luxury brand customer, get to park a luxury car in the driveway for a payment closer to what you'd expect to pay for a new Honda Accord.