Honda, Acura to sell certified 10-year-old used cars
New programs address today's high new and used car prices
FOX Business Flash top headlines for March 31
Here are your FOX Business Flash top headlines for March 31.
Honda has found a way to address record-high new and used car prices. By selling very old cars.
Honda is now certifying used cars that are up to 10 years old. (SAUL LOEB/AFP via Getty Images)
Honda and its luxury brand Acura are launching new certified pre-owned programs that cover vehicles up to 10 years old.
New, used car prices rev up due to inflation, chip shortages
FOX Business’ Jeff Flock reports from a car dealership in Philadelphia, Pennsylvania, while dealers across America face record-low inventory and high prices.
HondaTrue Used and Acura Precision Used promise that the vehicles have been subjected to a 112-point inspection and provide 100 days or 5,000 miles of powertrain and bumper to bumper warranty coverage, 12 months or 12,000 miles of roadside assistance, a free first oil change, a three-month SiriusXM trial subscription and a three-day or 300-mile return policy.
The inventory of HondaTrue Used and Acura Precision Used vehicles can be shopped on the brand's websites. (Honda)
The programs are an extension of the brand's current certified pre-owned programs, which cover vehicles no older than five years, but offer longer benefits. All the cars in participating dealer inventory can be browsed on the automaker's consumer websites.
Honda expects the new programs to appeal to young and first-time buyers who have been priced out of the new car market. It and several other mainstream automakers have abandoned the sub-$20,000 market, and the lowest priced Honda currently available new is the HR-V, which starts at $23,095.
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Over 40 million used vehicles were sold in the U.S. in 2021, which was nearly three-times the number of new vehicles. The average age of a car in the U.S. reached 12.1 years in 2021, according to IHS Markit.