On May 23rd, Chevrolet announced that a low mileage 36 month lease on its new 2014 Spark EV would begin as low as $199 per month for the entry level (1LT) trim. According to the press release, it would require $999 due at lease signing that included a security deposit.
It should be noted that the Spark 1LT model starts at $27,495 and the lease price quoted by GM appears to be based on a net price of $19,995 that includes the full federal tax credit of $7,500. California buyers are also eligible for an additional credit of anywhere from $0 to $2,500.
“The Chevrolet Spark EV is the most efficient – and now one of the most affordable – EVs you can buy” said Chris Perry, vice president, Chevrolet Marketing. “Combined with outstanding infotainment and great design, the fun-to-drive Spark EV is engineered to impress.”
That $199 Chevy lease price also happened to undercut the 36 month lease price on the Honda Fit EV by $190 per month – not an inconsequential amount.
So earlier today and exactly a week later in what is probably no coincidence, American Honda has announced that it is lowering the monthly lease charge, on a 36 month lease, of its Fit EV from $389 to just $259 per month not only for new lessees, but for existing lessees as well – which lowers the difference in the monthly payment to just $69.
Not only that, but it should also be pointed out that the Honda lease includes unlimited mileage, routine maintenance, collision coverage and a 240 volt EV home charging station equipment as part of the lease.
“The Honda Fit EV already is a benchmark electric vehicle with a leading-range rating, fun-to-drive dynamics and excellent packaging,” said Steve Center, vice president of Environmental Business Development at American Honda Motor Co., Inc. “Now it’s 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.”
What do you think of that, Chevy?