Remember a time limit when automobiles had been getting increasingly more costly? That was very true in the course of the pandemic-induced new automobile scarcity, the place vendor markups grew to become the norm for the common shopper. In 2024, nevertheless, issues are usually not the best way they used to be–especially for Ford‘s electrical automobiles.
The Blue Oval model appears to both underestimate or overestimate its manufacturing forecasts as a result of Ford is now providing huge reductions and incentives on the 2023 Mustang Mach-E and 2023 F-150 Lightning. This comes at a time when electrical automobile (EV) demand within the United States continues to develop, however that progress charge has slowed down in current months, leaving the model with an excellent quantity of stock for the 2023 mannequin yr Mustang Mach-E and F-150 Lightning.
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In order to provide the newest and correct data doable, the info used to compile this text was sourced from numerous producer web sites and different authoritative sources, together with CarsDirect, Ford, EnterpriseInsider, Cox Automotive,. iSeeCars, and BBC.
Now’s A Good Time To Buy A Ford EV
The reductions and incentives presently utilized to the Ford Mustang Mach-E and F-150 Lightning are excellent, which is why it is a good time to purchase any of those two EVs in the meanwhile. At this level, it’s possible you’ll be questioning why these two EVs are nonetheless of their 2023 mannequin years, and that is as a result of there isn’t any 2024 mannequin yr Mustang Mach-E but.
For the F-150 Lightning’s case, there’s already a 2024 mannequin yr replace, with worth revisions and a discount of trim ranges from seven to 6. However, it appears that there is a good quantity of stock left for the 2023 F-150 Lightning which is why Ford desires to promote as many of those as doable.
The Mustang Mach-E Now Starts Below $40,000
The most necessary determine to focus on right here is that the 2023 Mustang Mach-E now begins at simply $39,895 for the bottom Select RWD whereas the range-topping GT Performance tops out at $57,395. Price reductions, subsequently, vary from $3,100 to as a lot as $8,100. It have to be famous, nevertheless, that for the reason that starting of 2024, the Mustang Mach-E lost its eligibility for the $7,500 federal tax credit from the Inflation Reduction Act because of stricter guidelines on battery and element sourcing.
The Standard Range fashions, out there within the Select and Premium, now use a lithium-iron-phosphate (LFP) chemistry sourced from CATL as an alternative of the nickel cobalt manganese (NCM) chemistry from the pre-2023 fashions. Here’s a take a look at the value cuts that Ford has carried out for the 2023 Mustang Mach-E. Take notice that these costs don’t but embody the $1,800 supply and vacation spot charges.
Ford Mustang Mach-E Old vs. New Prices
Old Prices |
New Prices |
Difference |
|
Select RWD |
$42,995 |
$39,895 |
– $3,100 |
Select AWD |
$45,995 |
$42,895 |
– $3,100 |
Premium RWD (Standard Range) |
$46,995 |
$42,895 |
– $4,100 |
Premium AWD (Standard Range) |
$49,995 |
$45,895 |
– $4,100 |
Premium RWD (Extended Range) |
$53,995 |
$45,895 |
– $8,100 |
Premium AWD (Extended Range) |
$56,995 |
$48,895 |
– $8,100 |
California Route 1 AWD |
$56,995 |
$48,895 |
– $8,100 |
GT |
$59,995 |
$52,395 |
– $7,600 |
GT Performance |
$64,995 |
$57,395 |
– $7,600 |
(Prices sourced from Ford)
As superb as these reductions are, what should you do not need to spend money on the Mustang Mach-E? Well, you would be comfortable to know that Ford is providing zero % financing for 72 months should you’re an eligible buyer, and a $7,500 Red Carpet Lease money incentive while you lease by means of Ford credit score.
Save Up To $15,000 On An F-150 Lightning
As for the F-150 Lightning, Ford is providing loads of financial savings while you buy their electrical pickup. Depending on what variant you are selecting, you may get a Retail Bonus Cash of as a lot as $12,500. This is on prime of the Inflation Reduction Act’s $7,500 federal tax credit that almost all variants (aside from the Platinum) are eligible for. With the Retail Bonus Cash and federal tax credit score, it can save you as a lot as $15,000 on an F-150 Lightning, relying on the variant.
Ford F-150 Lightning Old vs. New Prices
Variant |
Current Price |
Retail Bonus Cash |
Federal Tax Credit |
Total Possible Savings |
Pro |
$49,995 |
N/A |
$7,500 |
$7,500 |
XLT Standard Range |
$54,995 |
N/A |
$7,500 |
$7,500 |
XLT Extended Range |
$69,995 |
$7,500 |
$7,500 |
$15,000 |
Lariat Standard Range |
$69,995 |
$5,000 |
$7,500 |
$12,500 |
Lariat Extended Range |
$77,495 |
$5,000 |
$7,500 |
$12,500 |
Platinum |
$91,995 |
$12,500 |
N/A |
$12,500 |
(Prices sourced from Ford)
Once once more, should you aren’t keen to go down the money route, you may go the leasing route, although Ford doesn’t have any Red Carpet Lease promos for the F-150 Lightning, not like within the Mustang Mach-E. You can lease an F-150 Lightning from as little as $624 per thirty days for 48 months for the bottom Pro, all the best way to $1,093 for the range-topping Platinum–likewise for 48 months.
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Why Ford Is Discounting Its EVs
Ford sold 72,608 EVs last year, which is up 18 %. Ford attributes its EV gross sales progress to the F-150 Lightning, which was up 74 % within the fourth quarter of 2023, and the Mustang Mach-E, whose full-year 2023 gross sales of 40,771 autos characterize a 3 % progress for the nameplate. So far, so good for Ford, proper? Well, sure and no.
EV Sales Growth Has Slowed Down
More EVs had been offered in 2023 within the United States than in earlier years, however the charge at which EV gross sales have grown has slowed down in recent times. Cox Automotive has tallied 1,189,051 new EVs that had been put into service within the United States final yr, accounting for 7.6 % of latest automobile gross sales in 2023. That is up from its earlier market share of 5.9 % in 2022, which meant that EV gross sales did develop.
Take a take a look at the EV gross sales progress on a quarterly foundation, nevertheless, and you may lastly perceive the slower tempo of progress in comparison with 2022. 317,168 EVs had been offered within the fourth quarter of 2023–an spectacular 40 % progress in comparison with the identical interval in 2022, however that is decrease than the 52 % progress skilled within the fourth quarter of 2022 versus the identical interval in 2021. Likewise, when considering annual gross sales progress, 2023 full-year sales grew by 46.3 percent. Still spectacular, however as soon as once more, that is decrease in comparison with the full-year 2022 sales growth of 66 percent.
Therefore, Ford Is Scaling Back Its EV Plans
This slower EV gross sales progress has resulted in Ford producing extra EVs than the American shopper presently wants. This is why, a few months in the past, Ford announced that it is scaling back production of the F-150 Lightning, all the way down to 1,600 from 3,200 vehicles per week. This weekly manufacturing determine is half its unique plan, which implies the Blue Oval model will not push by means of with its annual F-150 Lightning manufacturing goal of 150,000 copies.
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Why EV Sales Growth Has Slowed Down
For 2024, Cox Automotive anticipates that EV gross sales will proceed to develop, however the progress charge will almost definitely be slower than previously years and quarters. The automotive publication forecasts that 2024 shall be “the Year of More” for EVs, however whereas full-year 2024 gross sales might as soon as once more exceed the greater than 1 million EVs offered in 2023, the expectations for EV growth in the United States has shifted from “rosy to reality”.
The Early Adopter Market Is Already Saturated
That’s as a result of most of these overly-eager EV patrons are these so-called “early adopters”. These customers have greater disposable incomes and subsequently are keen to splurge on new technology along with the novelties associated with owning an EV.
As iSeeCars reports, California, a state that is a melting pot for tech and environmentalism, is forward of the pack in relation to EV market share within the United States. However, that prime EV acceptance within the state has additionally meant it is now the identical state the place EV gross sales progress is the slowest. Alaska, then again, which is a state that has traditionally low curiosity in EVs, is experiencing the best EV gross sales progress.
Targeting Mainstream Buyers Will Be A Challenge
Therefore, the following hurdle for all automakers is the overall shopper. Some of the hurdles proceed to be worth as a result of whereas EV costs have gone down in recent times, it’s nonetheless barely costlier than an equal inside combustion engine (ICE) automobile. Combined with America’s current charging infrastructure situation and the doable vary anxiousness related to it, you may see why most EV patrons had been the early adopters.
That’s as a result of many of the aforementioned early adopters didn’t exchange their ICE automobiles with the EVs they bought. Instead, most of them have supplemented their present multi-car fleets with an EV, which supplies them extra room to discover the know-how, even when charging continues to be one of many hurdles to widespread adoption. Ashley Nunes, a senior analysis affiliate at Harvard Law School advised the BBC:
“There’s very strong evidence that shows most of the individuals who buy electric cars also own an internal combustion engine-powered vehicle. They’re not giving up their gasoline cars for the electric car. The majority of electric cars are purchased as what economists call ‘complements’, not substitutes. They’re just adding to the total number of cars in their inventory.”