Honda Motors recently announced that the the 2013 Honda Fit EV is capable of 118 mpg, topping the figures set for its rivals the Ford Focus, Nissan Leaf, and Mitsubishi i-MiEV. The number is truly breath-taking, but is it really worth it?

The Fit EV needs 28.6 kilowatt hours of electricity to travel 100 miles. The average price of electricity per kilowatt hour is 11.6 cents, meaning that 100 miles will cost $3.30 to drive. The gas powered Fit costs $11.52 to travel 100 miles. That sounds like quite a savings until you factor in how much each model costs. The Fit EV has an MSRP that is nearly double that of the gas powered version. Given that the average American drives 13,500 miles per year, it will take 12 years to to recoup the initial difference in price even after the $7,500 rebate the government is offering.

Honda will be initially leasing the first 1,100 Fit EVs for $389 per month. A short term lease may help the higher priced car make more sense to a wider variety of buyers. That may be the only hope that Honda has to hang its hat on.

Filed under: News

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