Honda company decided to lease their car of Honda. Leasing old cars are not something new. But Honda has set new rules for leasing their car recently. This is due to the chip shortage and the increase in demand for used cars. The dealership wants to make sure that the demand for their car doesn’t decrease. So, they have made plans to get their cars back when the lease term has been over.
What happened there?
If you are an owner of a Honda car and the lease of the vehicle has come to an end, the options for you have been shrunk. Also, the same goes for people who were planning for canceling their lease this year and also share the same problem. You cannot enjoy the best offer from the people who want to buy the car. Rather you have to sell it back to the Honda company.
Why is this the case in the market?
The supply in the automobile industry is now running scarce. The tight supply of used cars has changed dealing with old cars. General Motors and the Honda company have changed their rules regarding used cars or cars on lease. Previously they used to let the owners of the car have it. But recently the rule has changed, this is due to their new business policy. They want to make more profit out of the used car.
Now, if people want to lease a used car, they have to take permission from the company. This has created a positive and negative impact on the clients who are users of the Honda company. The policy change has been investigated, and it was found that it has happened due to the shortage of material. Which is a legit concern of the car companies.