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Honda Fit EV lease drops to $199 a month, but there's a catch

The Honda Fit EV just became a much better deal. When it first launched, Honda offered the car (in California and Oregon only) in 2012, the monthly price was $399. In 2013, the official lease price dropped to $259. Today, Honda announced that the fun little runabout will cost you just $199. The catch? For new customers, this price is only good on used Fit EVs. You can also take advantage of this deal If you're a current Fit EV lessee by extending your time with your car by two years for the new, lower $199-a-month price. The other limitations of the Fit EV lease – the fact that there's no purchase option at the end of the lease and that the car itself is still only available in "designated market regions" – remain, which means that getting this particular electric car is a better deal than it used to be, but it's still not a good Fit for everyone. Related Video: Honda Introduces New Lease Options for Existing and Prospective Fit EV Lessees Mar 23, 2015 - TORRANCE, Calif. Two-year Fit EV lease extension offered to existing lessees New, two-year used Fit EV lease offered to prospective customers Price reduced to $199 a month; no down payment and unlimited mileage, routine maintenance and collision coverage included Honda is extending the reach of its efficient and fun-to-drive all-electric Fit EV (http://automobiles.honda.com/fit-ev/) through new lease programs for both existing and prospective Fit EV customers. For current, eligible Fit EV customers, Honda is offering a two-year lease extension that includes a lower $199 monthly payment1 (previously $259) and extends the unlimited mileage, routine maintenance and collision coverage1 that were included in the original lease. The reduced lease price and matching two-year terms1 will also be available to new customers interested in driving a used Honda Fit EV. Honda shared the news to a group of Fit EV drivers at an event hosted at the Honda Smart Home US (http://www.hondasmarthome.com/) in Davis, CA on Saturday, March 21. "Most Fit EV drivers tell us they love their vehicles, and many have requested lease extensions and this extended lease program is intended to meet their needs," said Steve Center, vice president of the Environmental Business Development Office, American Honda Motor Co., Inc.

4.5 million Hondas, Acuras are being recalled worldwide to fix a fuel pump defect

Honda is recalling more than 4.5 million cars worldwide because of a fuel pump problem that could lead to engine failure or stalling in traffic, which could cause an accident. The recall includes 2.54 million vehicles in the United States. The automaker had previously recalled 628,000 U.S. vehicles in 2021 and 136,000 in 2020 for the same issue. Honda issued recalls over the same issue earlier this month in China and Japan. National Highway Traffic Safety Administration recall documents say the impellers inside fuel pumps of 2017-2020 Hondas and Acuras were improperly made, meaning they “can deform and interfere with the fuel pump body” over time. This could prevent the engine from starting, or can cause a stall while driving, which depending on the situation in traffic, could be dangerous. Fortunately, Honda says it hasn't received any reports of crashes or injuries. To remedy the problem, Honda will replace the in-tank fuel pumps, at no cost to owners, in the entire U.S. recall population of 2,539,902 vehicles, though the defect may be present in only 1 percent of those cars. Because of the size of the recall, repairs will be done in phases, with first owners receiving notification letters in February. Dealer notifications began this week. “Countermeasure replacement parts are not available in sufficient quantities for all recalled vehicles at the time of this announcement, and American Honda intends to notify vehicle owners in stages," Honda wrote. Meanwhile, owners wishing to confirm that their vehicle is included can enter their VIN at the NHTSA recall site or at American Honda's and Acura's recall platforms.  NHTSA's campaign number for the recall is 23V858000. Honda's numbers for this recall are KGC and KGD. Owners may also contact Honda customer service by phone: 1-888-234-2138.

How new car shortages may impact your buying experience

If you want further proof that the auto industry is bouncing back, look no further than the empty lots and forecourts of your local dealership. According to a story by The Wall Street Journal, continued high demand for mainstream cars is overtaxing automakers' ability to produce enough models. Several dealers interviewed for the story are reporting two-week supplies as opposed to the typical two-month allocations.
With sales expected to hit 1.4 million units when August numbers arrive shortly and incentive spending down to its lowest amount since January, these limited supplies are pushing prices even higher. For example, according to the WSJ, the average price of a Ford Fusion is up past $26,000. Unfortunately, it's difficult for manufacturers to increase production quickly. If it invests in its facilities, as many manufacturers have done, it risks wasting cash if growth suddenly slows. At the same time, the momentum gained over the past several years could be short lived if vehicle supplies continue to dwindle. "Manufacturers are in a precarious situation," notes Karl Brauer, a senior director at Kelley Blue Book.
Low interest rates and a wealth of desirable features are also allowing customers to purchase more expensive vehicles while justifying their higher overall price tags, a situation that is compounding supply shortages. Even now, during the annual end-of-summer clearance season, deals on new vehicles are remarkably difficult to come by. According to the report, the Toyota Corolla is in a self-inflicted state of shortage, as Toyota clears out inventory in anticipation of the new 2014 generation arriving in dealers. Ford's supplies should rebound as Fusion production comes on line at its Flat Rock, Michigan factory. The Chevrolet Impala, Honda Odyssey, Civic, and Accord and Subaru Forester are also facing shortages.