Honda Fit EV Forum and Electric Car Forum

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 Post subject: Re: When the lease ends.
PostPosted: Sat Jun 11, 2016 5:01 am 
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Joined: Tue Jan 07, 2014 5:29 pm
Posts: 32
Getting back to any fees HFC may charge when extending the lease, do they take the car back and refurbish similar to what they would do if you were turning it in for re-leasing to another person or do they let you keep as is and then when turning the car in after 5 years adjust what they consider normal wear and tear. It was also posted in this thread that if it is not normal wear and tear it should be covered by maintenance. Wondering if anyone has confirmed this.

I have never leased before so I am very curious about this. I also keep mine in very good condition, however I have no control over other people banging their door in to my car in parking lots. I have several of those dings.


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 Post subject: Re: When the lease ends.
PostPosted: Tue Jun 14, 2016 6:04 am 
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Joined: Fri Jun 07, 2013 7:09 pm
Posts: 245
Location: Rhode Island
if you're just extending the lease, all you do is sign the paperwork and you're done. no fees, no sending the car back to get refurbished, etc. pretty uneventful. you should get a separate letter from Robert Lanford that details how to get free replacement tires if the dealer deems it necessary

epete wrote:
Getting back to any fees HFC may charge when extending the lease, do they take the car back and refurbish similar to what they would do if you were turning it in for re-leasing to another person or do they let you keep as is and then when turning the car in after 5 years adjust what they consider normal wear and tear. It was also posted in this thread that if it is not normal wear and tear it should be covered by maintenance. Wondering if anyone has confirmed this.

I have never leased before so I am very curious about this. I also keep mine in very good condition, however I have no control over other people banging their door in to my car in parking lots. I have several of those dings.

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Fit EV #163 - delivered 7/16/13


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 Post subject: Re: When the lease ends.
PostPosted: Tue Jun 14, 2016 8:02 am 
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Joined: Wed Aug 28, 2013 6:10 am
Posts: 35
Location: Eastern CT
Oh sweet to hear on the tires, I guess I missed that previously!

I am curious to know if at some point they are going to stop offering 2 year renewals... I was (AFAIK) the first to get the deal for $199 on the used re-lease models, and I have about 10 months left I think. I put about 19k miles on the car in the first year, and the unlimited mileage is a nice benefit, along with the others. It still makes no sense how the big automakers continue to charge, IMO, excess over lease mileage amounts when these cars are touted as 'limited maintenance'... I'd like to hold off until the Clarity comes out if its competitive.

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Honda Fit EV 2014 #287


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 Post subject: Re: When the lease ends.
PostPosted: Tue Jun 14, 2016 12:39 pm 
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Joined: Mon Jul 08, 2013 1:28 pm
Posts: 213
Location: Oregon
jfon101231 wrote:
I put about 19k miles on the car in the first year, and the unlimited mileage is a nice benefit, along with the others. It still makes no sense how the big automakers continue to charge, IMO, excess over lease mileage amounts when these cars are touted as 'limited maintenance'

Mileage ha a very definite effect on resale value, but since the Fit EV will never be "sold", mileage doesn't matter.
If you were looking to purchase a used LEAF (for example), and saw one with 77K miles and one with 30K miles (otherwise identical), which would you pay more for?
As the market progresses, we may find that EV's are depreciated differently by the price guides, but right now they don't have enough data to set that up. (with the exception of lowering residual values across the board - mostly to account for the $$7500 Fed Tax credit, but also because technology is changing relatively quickly and older EV's are less desirable/valuable).

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Gary
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2014 #262


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 Post subject: Re: When the lease ends.
PostPosted: Tue Jun 14, 2016 1:19 pm 
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Joined: Wed Aug 28, 2013 6:10 am
Posts: 35
Location: Eastern CT
I'm not saying there should not be ANY difference for more miles, I'm just saying that I think current rates are excessive when considering the "wear and tear" an electric vehicle has during use vs. a regular ICE. In your example, the mileage charge (just throwing $ out) may be equivalent to $4,000 even though the selling price may only vary between those 2 cars by half that.

Personally, for BEV/hybrids/etc. I feel the model year of the vehicle is, within reason, a larger driver of value than mileage when things are changing every 2 years or so, especially if warranty would still be sufficient for buyer. For example, would you rather have a 2014 Leaf with 45k miles or a 2012 with 25k? For me in Northeast, I'd rather have the newer technology (heat pump). Then again YMMV, this is coming from a person who before the Fit owned 4 vehicles, the 'newest' was a 2007 Mazda with about 150k miles, and the other 3 vehicles had 175k, 205k and 320k miles.... So I tend to value quality, price and ease of service more than absolute mileage ;)

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Honda Fit EV 2014 #287


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 Post subject: Re: When the lease ends.
PostPosted: Thu Jun 16, 2016 7:44 pm 
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Joined: Mon Jul 08, 2013 1:28 pm
Posts: 213
Location: Oregon
I agree, miles matter less on an EV than an ICE (or even PHEV). I expect the lease companies will get there, but EV's are so new (relatively) and such a small percentage of their business that they don't have the data or desire to treat them differently.

On another note, we'll almost certainly see all states put an additional fee/tax/license on EV's to pay for road use. Much of that is funded thru gas taxes. We use the roads, but don't use the gas and should pay something. The question is how and how much.

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Gary
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2014 #262


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 Post subject: Re: When the lease ends.
PostPosted: Thu May 18, 2017 12:24 am 
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Joined: Wed May 10, 2017 5:06 am
Posts: 1
jtpassat wrote:
I have yet to wash the car and treating it like a rented mule. Honda is going to crush the car so why would they care what condition it is in. Granted I'm not going to take it to a demolition derby but I am curious to see what the bathmate x50 can do a 3 year old car that has never been washed will look like.


I though they sell them as used. Didn't know they crush them.


Last edited by Kessler on Sat Oct 14, 2017 1:39 am, edited 2 times in total.

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 Post subject: Re: When the lease ends.
PostPosted: Thu May 18, 2017 4:46 am 
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Joined: Fri May 31, 2013 12:42 pm
Posts: 523
Location: Albany, NY
Everyone jumped to the conclusion that these cars would be crushed after three years. We were all wrong. No one knows for sure what Honda will do with them, but they never said that they would be sold as used ones. If they were to sell them, then they would be required to make parts and service available for them for at least 10 years. They're not going to do that for 1,100 cars with special and unique parts. As it stands now, they will be on the road for at least 5 years.

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