Used Honda Cars, SUVs, trucks, and minivans are about to get even harder to find.
And that’s due to a couple of reasons. First, the global chip shortage. Second, a new policy released by Honda’s financial arm.
Global Chip Shortage Impacting Used Honda Cars, Sport-Utes, Trucks, And Minivans
So you’ve probably heard of it – the chip shortage. Because of the pandemic, semiconductor chips are in short supply around the world. And that’s crushed supplies of new vehicles.
Consequently, all car dealers are left with inventories much lower than they normally maintain. As a result of low supply, demand is high. And that demand is for all cars. Including certified pre-owned, new, and used Hondas along with all other brands.
Honda Finance Halts Lease Purchases By Third Party Dealers
Accordingly, some car manufacturers are doing all they can to keep their new franchise dealers flush with inventory. Therefore here in the United States, Honda is taking action.
Specifically, American Honda Finance Corporation is no longer allowing third-party dealers to buy its leases. In this unusual move, only authorized dealers will be able to buy used Honda cars, SUVs, trucks, and minivans coming off of their leases.
To be clear Honda lease returns will be accepted by any new Honda dealer. But that also includes any new Acura dealer too.
What It Means For Used Honda Car And SUV Shoppers
So, the good news is that if you’re looking for a used Honda car, SUV, truck, or minivan then you know where to find them. Or, at least the majority of them.
Because they’ll be on the lots of new franchise Honda dealerships. At least the newer model pre-owned Hondas will be found there.
And of course, this includes certified pre-owned Hondas. Because only new Honda franchise dealers are able to ‘certify’ Hondas in the first place.
If You Have A Honda Lease Coming Due
And what this means if you’re currently driving a Honda car, truck, SUV or minivan is simply this. You will have to return the vehicle to a new Honda franchise dealer.
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