Honda Fit joins Nissan Leaf, Chevy Spark in lowering prices

[momopi]

For those who are unfamiliar, these are plug-in electric vehicles. Because the range (on battery) is limited to 60-80 miles, they're only suitable if you live within ~30 miles to work, unless if you have access to electric charging station at work or near work.

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"With the Fit EV, Honda is offering a $259 per month lease, down $130 from the initial $389 per month offer when the car went on sale in July of last year. The reduced price starts June 1 and will apply to existing Fit EV leases, Honda said. The three-year lease requires no money down and comes with unlimited mileage, free routine maintenance, collision insurance coverage and a free 240-volt home charging station, the company said Thursday. The charging station normally costs $995. The car buyer must take care of installation.

"Although we feel the Fit EV offers significant product benefits over other electric vehicles, in order to effectively compete in the EV market, we need a more competitive price," Honda Motor Co. spokeswoman Robyn Eagles said in a statement.

Earlier this month, General Motors Co. said that it would lease the subcompact Spark EV for $199 per month with $999 due at signing as it goes on sale in California and Oregon. Nissan is offering a $199-per-month lease on its Leaf electric car with $1,999 down. That's down from a high of $369 per month back in 2011.

Both the Spark and Leaf leases run for three years but have 12,000-mile annual limits on the number of miles one can drive without incurring mileage charges.

The lower lease prices put an electric car on par with a comparable small car. For instance, you can lease a gas-powered Fit for $169 per month for three years, with about $2,000 down. Automakers can offer the cheap lease deals on electric cars in part because they get the $7,500 tax credit."