Honda Drops Fit EV Price


2013 Honda Fit EVThe good news is starting June 1st, 2013 Honda is dramatically lowering the lease price of the Fit EV.  The bad news is you can only lease the Fit EV in a smattering of East and West Coast states: New York, New Jersey, Massachusetts, Maryland, Rhode Island, Connecticut, California, and Oregon.  Now the really bad news.  Honda plans to make only 1,100 Fit EVs available for leasing, and even worse, there will be no option for purchasing the Fit EV at the end of the lease.

The new lease price for the Fit EV is $259.00 per month, with no down payment.  Unlike most leases there is no mileage restriction.  The lease even includes a 240-volt home charging station.  Note the lease includes only the charging station equipment, not the cost of installation.  Also, as is the case with any lease, the lease price does not include security deposit, tax or license.  Prior to June 1st, the Fit EV lease price was $389 per month.

The new low price for the Fit EV would appear to be in response to Nissan’s newly announced lease package for the Leaf.  A  base model Leaf can now be leased for $199 per month with $1,199 down.  For less money – and less car – the Chevy Spark EV and the Fiat 500e EV can be also be leased for $199 per month and only $999 down.  Once again there is bad news.  Like the Fit EV, the Spark and the 500e are only available in limited quantities in a few states.  The Leaf is one of the few electric cars available nationwide.  Also, the Leaf, Spark and 500e leases all include mileage penalties if the car is driven over 36,000 miles during the 3-year lease.

The reference table below shows that even with its new low lease price the Fit EV may not be the best value.  In my judgement, the best electric car value is still the Nissan Leaf.

<strong>EV Lease Comparison</strong>

  Honda Fit EV Nissan Leaf Chevy Spark EV
MSRP $36,625 $28,800 $27,495
Lease price per month $259 $199 $199
Due at signing $259 $1,199 $999
Lease term 36-months 36-months 36-months
Mileage limit None 36,000 36,000
Collision coverage Yes No No
Total equalized monthly cost $9,324 $10,759 $9,363
Cost of purchase at lease end No purchase option $14,232 To be determined at lease signing

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