Here’s Why the Honda Fit EV is Not Nearly as Expensive as You Might Think
Is $389 per month for 36 months too much to ask for the Honda Fit EV?
Update (May 30th, 2013): The lease deal just got a lot better, as the monthly payment has been lowered to $259!
As electric vehicle enthusiast (and lessee of a Fit EV) Peder Norby points out, some potential Fit EV lessees don’t quite understand how the fine print makes the electric Fit less expensive than it may seem.
We should note that we’ve covered the Fit EV, including the terms of the lease, in detail many moons ago, but we’re guessing that few remember that post and even less potential lessees are still aware of how Honda offers the Fit EV.
So, here are the highlights:
Honda covers collision and comprehensive insurance for the Fit EV. Lessees are still responsible for personal liability and property damage. This will save the average lessee approximately $500 to $600 per year, or $42 to $50 per month. $389 minus $50 = $339 (Update: now $209)
The Honda Fit EV is a zero-down lease, whereas the Nissan LEAF lease deal requires a down payment of $1,999. This amounts to a savings for Fit EV lessees of approximately $56 per month and an addition of $56 per month on top of the LEAF’s $199 lease rate. $339 minus $56 = $283 (Update: now $143)
On the flip side, if we take the 2013 LEAF lease rate of $199 per month and add in the required down payment (broken into 36 monthly payments of $56) and the estimated $600 in additional insurance costs ($50 per month), them we arrive at a monthly lease rate of $305.
Yes, we realize this is not the most precise way to compare lease rates and that deals could be worked out to get a Nissan LEAF with $0 down (the monthly lease rate will likely increase).
But that’s not the point we’re trying to make here. We’re simply trying to point out that the logical thinker should see past Honda’s
$389 $259 per month rate and instead realize that the Fit EV is very competitively priced.
Too bad Honda hasn’t even tried to better promote the actual cost of the Fit EV.
$389 $259 per month is not the number Honda should be focusing on.
Update: New graphic published by Honda on lease costs in the industry:
Hat tip to Peder Norby!!
Gallery: Double click to enlarges images.