As the automotive market continues to grapple with a rise in vehicle prices, buyer affordability has become a significant concern. For most buyers, stepping into a new premium, high-performing vehicle seems like a far-fetched dream. However, in what can be seen as a strategic move to counter this challenge, American Honda proposes an innovative solution designed to make owning a vehicle much more accessible and affordable.
The multinational automaker announced its plan to offer lease terms not only on new vehicles but also on used ones. This initiative will extend to both Honda and Acura vehicles in the U.S. market. The move is touted as an economical and practical method of acquiring a new car, or a solution designed to enable potential customers to experience the thrill of a ‘new-to-you’ vehicle.
Customers may choose from a variety of “certified” pre-owned vehicles from current model years through 2018. Meaning, a buyer looking to secure a Honda or Acura model – whether due to budget constraints or out of preference for an older model – will find more paths to ownership via this unique program. Honda asserts that this used vehicle leasing program can significantly lower monthly payments and provide more flexibility regarding down payments, in contrast with the financial commitments that buying a similar model outright would entail.
Given the expanded accessibility and affordability it offers, Honda calls this initiative as a remarkable entry point for first-time buyers. Similarly, Acura markets this program as a judicious avenue for customers to enjoy increased luxury, technology, in-car features, and superior performance without significantly depleting their finances.
While a similar program called “HondaTrue Used” and “AcuraPrecision Used”, launched in 2022,which extends to include pre owned vehicles up to a decade old, these vehicles aren’t available for leasing, unfortunately. As part of the leasing program of Honda Certified Pre-Owned, customers may lease vehicles from the current model year up to vehicles that are five years old. However, Honda offers support for used cars beyond this point available for outright purchase only.
The workings of the program mirror those of any standard leasing agreement — the customer leases a vehicle for a set term, following which they have the option to either return it or buy it at a predetermined price.
For enthusiasts interested in older classics like the 2014 TSX, which commands a marginally lower value than the Accord for that year, this program is an absolute godsend. Honda continues to extend top-tier provisions, with the HondaTrue+ Certified cars receiving 60 months or 86,000 miles of non-powertrain coverage and 84 months or 100,000 miles for the powertrain. All in all, these programs offer comprehensive coverage to reassure customers about the quality, performance, and durability of their pre-loved vehicles.
So, as affordability issues persist, American Honda’s proactive step towards promoting efficient and affordable car ownership is not only a beacon of solace for potential buyers but also a smart, effective solution to keep the automotive market thriving. As we anticipate more details on the leasing program and its impact on the broader market, this initiative undoubtedly bolsters the prospects of sustainable car ownership – satisfying customers, distributors, and the environment alike.
Visit Auto Buyers Market to learn more about available pre-owned cars and discover affordable financing options that place you on the fast track to owning your dream vehicle.