Cheap(er) Fit EV: Honda Lowers the Lease Price to $259 per Month
Beginning June 1, Honda will reduce the cost of its lease-only Fit EV from $389 per month to $259 per month. This new pricing will apply not just to new customers but also to those who are currently leasing a Fit EV. The new three-year leases will require no down payment or acquisition fee, and will include collision coverage, routine maintenance, and a 240-volt EV home charging station (but not the cost of installation). To sweeten the deal, Honda is also offering unlimited mileage for both new and existing customers, although we have to imagine “unlimited mileage” as applied to any EV is by its very nature a fairly limited proposition. So how does this pricing stack up against the competition? The Fiat 500E is $199/month with $999 down, with a lease limited to 12,000 miles per year. Collision insurance and a fast charger are not part of the Fiat deal. Fiat does, however, offer an innovative car-rental program that allows 500E owners to swap out their ride for gas-powered vehicles for extended road trips or other situations where the 500E isn’t suitable for their needs. The 500E is available in California only, while the Fit EV is available in California, Oregon, New York, New Jersey, Massachusetts, Maryland, Rhode Island, and Connecticut.
The Chevrolet Spark is similar, with $999 down and $199/month for 36 months. Driving is limited to 12,000 miles per year, and collision coverage and a fast-charge unit are not part of the lease. The Spark is available only in Oregon and California. The Nissan Leaf, meanwhile, requires a down payment of $1999 and costs $199/month for 36 months. Collision insurance and a fast charger are extra cost. Driving is limited to 12,000 miles per year; however, unlike the competition, the Leaf is available nationwide.
- Long-Term Test: 2011 Nissan Leaf SL
- First Drive: 2013 Fiat 500E EV
- Instrumented Test: 2013 Honda Fit EV
Honda’s latest salvo in the EV wars is likely to cause the competition to see what additional incentives (i.e., fast chargers, collision-insurance coverage, free maintenance, no money down, etc.) they can offer to entice prospective EV buyers. Since no manufacturer is making money on EV sales alone, one thing is certain: the more they sell, the more they’ll lose, so there’s no way that increasing sales volume alone is going to add to their bottom line.
By Kirk Seaman