I haven't looked too closely at the CPO terms, and individual dealerships will probably have slightly different policies. But in general, I think they tend to offer anywhere between a 3 to 12 months warranty. What happens is, the dealership is supposed to have performed a thorough inspection on the used car, and to meet CPO status, the car has to past a certain set of requirements, such as mileage, model year, mechanical soundness, etc. But because of the inspection and extra peace of mind, dealerships ask for more on their CPO cars.
So to answer your question, CPO cars are different from extended warranties in that you can't just buy it for any used car. Rather, the dealership will designate whether a car meets CPO status or not, and if it does, some sort of warranty will be valid for the car for a duration of time.
Generally speaking, private sales is probably the best way to get yourself the cheapest and most reliable car, but the caveat is you have to be patient in finding that bargain, and you have to have at least a basic understanding of what to watch out for in the prospective car. I strongly believe that vehicle auctions can find you even better bargains, but that route will require significantly more patience, luck, and knowledge for it to be successful.
-Lik |