Honda Lowers Lease on All-Electric Fit to $259 Per Month
Honda today announced a new lower price for all-electric Fit EV. Beginning June 1, 2013, the lease price will be $259 a month—reduced from $389 per month. There is no down payment, unlimited mileage, free routine maintenance, collision coverage and even a 240-volt Leviton home charger thrown in. (Charger installation is not included.)
“We are lowering the price because the EV competitive landscape has changed since the introduction of the Fit EV in July 2012 with new competitors entering the market at a lower price point and existing competitors lowering their lease and purchase price,” said Jessica Fini, a Honda spokesperson, in an email to PluginCars.com. “In order to effectively compete in the EV market, we need a more competitive price.”
In recent months, automakers making small electric cars have commonly set lease prices to around $200 a month.
Fini told us that Honda has only managed so far to earn 174 Fit EV lessees. “We’re not satisfied with the rate of new leases, but we understood when we introduced the Fit EV that we had a lot to learn about marketing an all-electric vehicle to American consumers, who, in many cases, find it challenging to fully understand the advantages and disadvantages of this very different transportation technology.”
Fini said the lower price and other measures will help Honda achieve the company’s leasing targets. Honda will expand its dealer network from 36 dealers to more than 200 by the end of June, and streamline the leasing approval process. The network of qualified Fit EV Honda dealers includes California, Oregon, New York, New Jersey, Massachusetts, Maryland, Rhode Island and Connecticut.
The new reduced lease price and unlimited mileage term also will be applied to existing Fit EV customer leases going forward starting in June 2013.
The 2013 Honda Fit EV is the most efficient 5-passenger electric vehicle on the market with a combined E.P.A. mile-per-gallon-equivalency rating of 118 MPGe, an official driving range of 82 miles, and a low energy-consumption rating of just 29 kilowatt-hours (kWh) per 100 miles. In Sport mode, the Fit EV’s efficiency levels are lower—but provides one of the most spirited rides among affordable small electric cars.
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