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Honda Fit EV Price Drop Electrifies Appeal in Growing Small Electric Vehicle Market

5/30/2013
Honda has announced a change in its approach to leasing the Fit EV, the electric vehicle version of its popular 5-door subcompact car. Previously, the Fit EV's 36-month lease cost $389 per month with $389 due at lease signing, and drivers were restricted to 12,000 miles annually. The new lease requires no down payment, has no mileage restriction, and costs $259 per month. While that is more expensive than newcomers to the segment, such as the Chevrolet Spark EV and the Fiat 500e, the Honda includes routine maintenance, a 240-volt quick charger (installation is extra), and a collision insurance plan. The new lease payment will apply, retroactively, to existing Honda Fit EV drivers.

Steve Center, vice president of Environmental Business Development at American Honda Motor Co., Inc., said the Honda Fit EV is "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."

The Honda Fit EV offers 82 miles of driving range, according to the EPA, and is rated to get 118 MPGe. In addition to including a 240-volt quick charger, Honda has partnered with Solar City to help Fit EV owners install solar panels in their home, with no up-front cost to the customer, which can help to recharge the car. Honda is also making it easier to buy a Fit EV by streamlining the application process and expanding availability of the car. Honda says that by the end of June, the Fit EV will be on sale in 200 dealerships in California, Oregon, and the New England region.

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