After reducing the prices of the Mustang Mach-E earlier this year, Ford has started offering discounted prices for the F-150 Lightning in select states.
The 2023 Ford F-150 Lightning can now qualify for a "retail order bonus cash incentive," according to bulletins sent to dealers, reported car buying portal CarsDirect. Buyers can save up to $2,500 if they order any version of the electric pickup truck by July 31.
Here’s a list of cities where F-150 Lightning order discounts are available when buying or leasing:
- $2,500: Atlanta, Cincinnati, Dallas, Houston, New York and Pittsburg
- $2,000: Boston, Denver, Los Angeles, Philadelphia, San Francisco, Seattle and Washington, D.C.
- $1,000: Chicago, Charlotte, Detroit, Kansas City, Memphis, Orlando, Phoenix and the Twin Cities region
Customers can also benefit from 1.9% financing for up to 36 months on all Lightning versions. No such deals existed previously, and it's the first time Ford is offering discounts on the electric truck since deliveries began in the summer of 2022, per CarsDirect data.
Another report stated customers in Phoenix can obtain $1,000 from retail trade assist and $500 in low APR retail customer cash, for total savings of $1,500. Remember the deals are regional, and might not apply to every customer.
Buyers in California might benefit the most. With the $7,500 federal tax credit and the state’s $2,000 clean vehicle rebate, the F-150 Lightning's price could plummet by as much as $12,000.
The Pro variant, sold out for MY2023 per Ford's website, starts at $59,974. Deliveries for the XLT, Lariat and Platinum will start in October.
Ford has 86 days' worth of F-150 Lightning inventory and 113 days’ worth of Mustang Mach-E stock, per a Reuters story quoting Cox Automotive. Ford disagreed with the Cox estimate, stating it had 56 days' worth of supply for the electric truck, including transit time.
The Detroit carmaker’s BEV sales increased so far in 2023, with Lightning sales up by 119% in Q2 2023. But June figures were in the negative. CEO Jim Farley said recently BEVs are unlikely to achieve cost parity with ICE vehicles until the end of this decade.
Dealer inventory levels are soaring in the U.S., with an average weekly inventory of 90,000 EVs. Analysts state there’s a gulf between consumer enthusiasm about electric cars and actual purchases.
Price cuts appear to be the bulwark in the face of slumping sales. And they’re working, especially for Tesla, whose EVs have become significantly cheaper this year. The Model Y was the ;world’s best-selling car of any category in the first quarter of 2023, and CEO Elon Musk projects it to be the top-selling car this year.
