Today Honda leased the very first Fit EV to EV advocate Matt Walton. From what he’s said about it on Facebook, the car seems pretty great. I am hesitant to lease a car, for many reasons that I won’t get into here, but the Fit EV is a pretty good deal. One thing to note here is that the Fit EV does not have any down payment whatsoever. Let’s do some math…
The monthly lease of the Fit EV is $389, which seems like a lot at first. Honda is taking the $7,500 federal tax credit too. However, they are letting customers in California take the $2,500 cash rebate. That brings the lease price down to $319.56 per month. Still not great for a Honda, however.
Now, let’s take into account the cost of fuel. Let’s say you drive 1,000 miles per month. At 30mpg, that’s 33.33 gallons of fuel. 33.33 gallons of fuel at $3.50/gallon is $116.67. In the Fit EV, 1,000 miles at 29kWh/100 mi is 290 kWh per month. 290 kWh at $0.12 per kWh comes out to $34.80 on fuel per month. That’s a total savings of $81.87 per month. If we take that off the cost of the lease, the lease comes down to $237.69. Still not low enough? It gets better.
The Honda Fit EV includes collision insurance. A lessee will only need to purchase liability insurance. The savings here will vary, so I won’t get into that. Additionally, the Fit EV will have all maintenance (what little there is) and roadside assistance included. Maintenance costs vary between cars as well, but can be anywhere from $20 to $100+ per month on a new car.