Used Honda cars, SUVs, trucks and vans are about to get even harder to find.
And this is due to several reasons. First, the global shortage of chips. Second, a new policy issued by Honda’s financial arm.
Global chip shortage affects used Honda cars, SUVs, trucks and minivans
You’ve probably heard of it – the crisps shortage. Due to the pandemic, semiconductor chips are scarce around the world. And that is the crushed supply of new vehicles.
As a result, all car dealerships are left with much lower inventory than they normally maintain. Due to the low supply, the demand is high. And this request concerns all cars. Including used, new and certified pre-owned Honda as well as all other makes.
Honda Finance suspends lease purchases by third-party dealers
As a result, some automakers go out of their way to keep their new franchise dealers low in inventory. Therefore, here in the United States, Honda is taking action.
Specifically, the American Honda Finance Corporation no longer allows third-party dealers to purchase its leases. In this unusual move, only authorized dealers will be able to purchase used Honda cars, SUVs, trucks and minivans at the end of their lease.
To be clear, Honda lease returns will be accepted by any new Honda dealership. But that also includes any new Acura dealership.
What this means for buyers of used Honda cars and SUVs
So the good news is, if you’re looking for a used Honda car, SUV, truck, or van, you know where to find them. Or at least the majority of them.
Because they will be on the lots of new Honda franchised dealers. At least the new used Honda models can be found there.
And of course, that includes Certified Pre-Owned Honda. Because only new Honda franchised dealers are able to âcertifyâ Honda in the first place.
If you have an upcoming Honda lease
And what that means if you are currently driving a Honda car, truck, SUV, or van is simply this. You will need to return the vehicle to a new Honda franchisee dealership.