Honda has announced that it is following the lead of other automakers by slashing the monthly lease cost of its tiny Fit EV by one third in the hope that lower lease prices will boost sales of electric cars. Beginning tomorrow (June 1), the three-year lease is now $259-per month (down $130 from the previous price of $389, no money down.
In addition, the company will provivde free 240-volt home charging stations and unlimited mileage, free routine maintence, and collision insurance. Note, that although consumers will not have to pay for the charging stations, they will be required ro take care of their installation.
Evs, once touted as America’s salvation from high gas prices and dependence on foreign oil, have had very little growth here in recent years, partly because of concerns that they could run out of power during longer trips, as well as the fact that prices at the pump have remained relatively stable since 2010.
Only 12,000 electric vehicles were sold through April nationwide, compared to a total of nearly 5 million cars and trucks sold during the same time period.
Most automakers admit to losing money on electric cars, but have been subsidizing sales by dropping prices. In fact, Sergio Marchionne, CEO of Chrysler stated earlier this year that his company loses $10,000 on every Fiat 500 electric vehicle it sells.