I stumbled upon Honda’s latest buzz – their Certified Pre-Owned (CPO) lease program for cars from 2018 or newer. Not sure why this is news worthy because we’ve seen Honda used car leases in the past. In any case, I decided to crunch some numbers to see if this program might be a good option for leasing.
Honda is promoting this as geared towards “young and first-time buyers” because “new car prices are too high”.
News Story:
Details on Honda’s website:
I ran the numbers on a used 2019 CR-V EX with 56k miles through their new program on their website’s calculator. Total lease cost: ~$21k.
A comparable 2019 CR-V EX with fewer miles at a dealership is about the same price.
Looking through the marketplace, you can lease a new one for less than $500/mo with similar inceptions.
So under this CPO lease program, you’re essentially forking out payments equivalent to the entire cost of a 2019 CPO CR-V EX purchase but with the “privilege” of returning it at the end of the lease.
Only one Honda is helping with this program is themselves.
