Temple of VTEC Rumors and News - Honda cuts the lease price on Fit EV to $259/month, expands availability to 200 dealers

Honda has announced an update to their lease deal on the $36,625 Fit EV, dropping the monthly rate from $389/month to $259 per month, with no money down, unlimited mileage, included collision insurance, and free "routine maintenance" over the course of the 36-month lease term. In addition, they are throwing in a Leviton 240V EV charging station for no additional cost (though the customer must pay for any installation costs). With this EV charging station, the Fit EV's battery (with an estimated range of 82 miles) can be recharged in just over 3 hours.

Furthermore, Honda is expanding the Fit EV's "qualified" dealer network from the current number of 36 to over 200 dealers by the end of June, but unfortunately, these additional dealers will remain within the current 8-state footprint of California, Oregon, New York, New Jersey, Connecticut, Massachusetts, Maryland, and Rhode Island.

Press Release follows

Honda Reduces the Cost to Take Home a Fit EV

05/30/2013 - TORRANCE, Calif.

Fit EV monthly lease price reduced from $389 to $259 a month for new and existing lessees
New three-year lease term requires no down payment and includes unlimited mileage, routine maintenance and collision coverage
Customers receive 240 volt EV home charging station equipment as part of the lease

Honda today announced an attractive new price package for the highly efficient and fun-to-drive all-electric Fit EV including the new competitive lease price of $259 a month beginning June 1. Reduced from $389 a month, the new three-year lease term stretches customer's electric dollar even further with no down payment, unlimited mileage, routine maintenance, collision coverage and a 240 volt EV home charging station equipment (not including installation),¹ from Leviton.

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. With the reduced payment, unlimited mileage, maintenance and collision coverage, this new lease program makes the Fit EV one of the most affordable² electric vehicles available in the U.S.

"The Fit EV already is a benchmark electric vehicle with a leading-range rating, fun-to-drive dynamics and excellent packaging," said Steve Center, vice president of Environmental Business Development at American Honda Motor Co., Inc. "Now it's the only EV on the market with no down payment, unlimited mileage, collision coverage and a free home charging station, giving customers an unprecedented value that only Honda can provide and a compelling reason to get off the barrel and onto the grid."

In addition to the new lease price, the Fit EV online application process is further streamlined to allow for quicker approval and delivery of the vehicle to the customer. Further, the network of qualified Fit EV Honda dealers in California, Oregon, New York, New Jersey, Massachusetts, Maryland, Rhode Island and Connecticut will expand from 36 to more than 200 by the end of June.

Recently named one of the Ten Best Green Cars by KBB.com, the 2013 Honda Fit EV is the most efficient 5-passenger electric vehicle on the market with a combined adjusted Environmental Protection Agency (EPA) mile-per-gallon-equivalency rating of 118 MPGe³, an EPA-rated driving range of 82 miles, and a low energy-consumption rating of just 29 kilowatt hours (kWh) per 100 miles.

Fit EV customers also can take advantage of Honda's partnership with SolarCity to install solar power with no upfront cost, allowing them to recharge their vehicle with clean, affordable power from the sun.

Customers interested in leasing the Fit EV or learning more about the vehicle, are encouraged to visit http://automobiles.honda.com/fit-ev/. Information on the SolarCity partnership can be found at http://www.hondasolarcity.com/.

Fit EV Competitive Lease Comparison

¹ Customer responsible for costs associated with installation of the 240 volt, 32 amp charging hardware, which is provided by Leviton, Honda's preferred charging station supplier. Equipment remains with the customers after lease term.
² See chart above.
³ 132/105/118 city/highway/combined miles per gallon of gasoline-equivalent (MPGe) rating; 82 mile combined (city/highway) driving range rating (adjusted). Ratings determined by U.S. EPA. Your MPGe and range will vary depending on driving conditions, how you drive and maintain your vehicle, battery age/condition, and other factors. For additional information about EPA ratings, visit http://www.fueleconomy.gov/feg/label/learn-more-electric-label.shtml.
⁴ Amount due at signing may include down payment, capitalize cost reduction, acquisition fee, security deposit and first month payment. Does not include taxes and title fees.
⁵ Collision Coverage is included with the lease. This means that Honda is taking the risk and responsibility for repairs to the Fit EV, leaving to the lessee only the responsibility to obtain and carry liability insurance for at least the minimum required by the lease. There is no deductible, and Honda will evaluate and approve all repair requests submitted. The lessee will be required to call a toll free number to report all collisions/damage and receive instructions to arrange for repairs.