Meaning of the word pre-owned in English

What does pre-owned mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

pre-owned

US /priːˈoʊnd/
UK /priːˈəʊnd/

Adjective

having had a previous owner; not new

Example:
She bought a pre-owned car to save money.
Many people prefer to buy pre-owned luxury items.