That’s with $0 down.
What can you get for $49 a month these days? Other than a Netflix subscription, not much. What you can get, though, if you live in California, is a brand new Fiat 500e. This Black Friday, Saturday, and Sunday, Orange Coast Fiat in Costa Mesa, California, is offering a "Limited Inventory" lease of its all-electric 500e hatchback for just $49 per month for 36 months with $0 down. No word yet on whether other Fiat dealers will be offering the same.
This is the first time we’ve seen the electric Fiat offered at such a low price – and one of the best lease deals available for any car anywhere. Previous lease deals on the 500e, while still pretty cheap, could be had for anywhere between $89 per month to $99 per month with $0 down. If you’re looking to buy it outright, the base price for the 500e is a hefty $31,800, not including the $2,500 clean air rebate and the $7,500 federal tax credit.
Introduced in 2013, the Fiat 500e uses a 24-kWh lithium-ion battery pack and produces a mere 111 horsepower (83 kilowatts) and 147 pound-feet (200 Newton-meters) of torque. It has a range of just 87 miles (140 kilometers) on a single charge and a top speed of 85 mph (137 kmh). It’s not the most desirable of EVs, if we’re being honest – not even CEO Sergio Marchionne wants you to buy one – but for $49 a month, you could make the case for having the 500e an efficient grocery getter alongside your daily driver.
Let’s do some quick math. Current gas prices in California are $2.69 (which is of course higher than most other states). If you, hypothetically, use up all 87 miles (140 kilometers) of range per day in the 500e, compared to a standard gas-powered, automatic Fiat 500, which is good for 29 combined mpg, you could save about $8.07 a day in gas, which comes out to $240-$250 in gas savings per month depending on the month.
Subtract the $49 per month lease, and the estimated cost of charging – which is somewhere around $87.00 per month based on an average $.12 per kilowatt, assuming you drain and fully recharge the 24-kWh battery every day – and you’re still saving about $100 per month over the gas-powered version. At the end of the day, the 500e doesn’t sound like a bad deal.