Honda Sets Strict Limits on Fit EV Leasing Program

Customer feedback is essential to companies rolling out new products. There are entire industries — such as polling and focus groups — that are built to solicit consumers for their opinions to give companies insights that are not available via any other means. 

Honda is taking that strategy to an entirely different level for its new Fit Electric Vehicle (EV). It is rolling out 1,100 Fit EVs in select markets around the country and is only making them available via leases. The car is only available in one color — blue — but gets an estimated 118 miles per gallon. In rolling out this test, Honda is seeking to control as much of the lifecycle of the vehicle and transaction as possible. The cost to lease the vehicle is $389 per month for 36 months and includes collision insurance coverage, roadside assistance, and maintenance costs. The leases are being offered by American Honda Financial Corp., and are available to “well qualified” consumers only, according to Honda’s website. 

Consumers who lease a Fit EV are also on the hook for any mileage traveled over 12,000 per year, to the tune of $0.20 per mile. Unlike most leases, the Fit EV lease does not include an option for consumers to purchase the vehicle at the end of 36 months; the cars have to be returned to Honda. 

By placing strict limitations on the leasing program, as well as the volume and composition of the vehicles it is putting on the road, Honda will be able to limit costs while also creating a level playing field for soliciting feedback from those 1,100 lessors. 

The vehicles will only be available in California, Oregon, and the Northeast. The MSRP on the Fit EV is $37,415.