Honda today announced changes to its Certified Pre-Owned (CPO) leasing program. Specific details weren’t provided, aside from the automaker stating more choices and flexible costs are now available and targeted at younger, first-time buyers. Honda’s upmarket Acura group announced similar changes, but the news reminds us that both brands have lease programs for cars up to 10 years old. Wait, what?
Announced last year, HondaTrue Used and AcuraPrecision Used open up leasing options for CPO vehicles up to 10 years old with no limit on mileage. That means you could lease a 2014 Accord that, according to Kelley Blue Book, currently has a value of around $13,000 in excellent condition with an average of 120,000 miles on the odometer. Depending on the finance terms, that’s a car you could buy for around $250 a month on a four-year loan with a minimal ($1,000) down payment.
But Honda’s lease program includes a warranty, even for 10-year-old cars. The automaker states such vehicles get 100 days and 5,000 miles worth of coverage for the whole enchilada, powertrain and non-powertrain. The lease deal also includes one free oil change, roadside assistance during the warranty period, and a three-month subscription for Sirius Radio. And for the record, Acura has the same deal. Forget the Accord – you could lease a 2014 TSX with a KBB value of $12,000.
“HondaTrue Used is a critical new gateway to the Honda brand, especially for young and first-time buyers,” said Dan Rodriguez, Honda’s manager of auto remarketing. “Customers can now shop for a high-quality certified used Honda on our website, and buy with confidence from the most knowledgeable and experienced source – a Honda dealer.”
For those not interested in leasing a 10-year-old Honda, the company’s updated options apply to certified pre-owned vehicle going back to 2018.
