Is Ford desperate to move out its 2024 F-150 Lightning truck?
Check out the latest deals that Ford is offering. They need to move their electric truck out now. I recently wrote a story titled, "Ford Pays Its Dealers Up To $22,500 To Move Out The Slow-Selling F-150 Lightning, It's An Unprecedented Time For Truck Shoppers."
Ford Motor Company is paying its U.S. dealers to take F-150 Lightning pickups from its new EV distribution centers. Check out my report here.
Imagine owning a 2017 Chevrolet Silverado pickup with 100,000 miles and discovering that you can lease a new Ford F-150 Lightning truck for only $200 monthly on a 36-month lease. It's a tempting offer, isn't it?
You might run to your local Ford dealer and see about trading your eight-year-old Silverado truck in even though it's still running well.
Ford says they only want about $6,700 down on the new Lightning to get that deal, and you know they will give you at least that much for your Chevy Silverado because it's clean and in good shape.
$200 is nothing compared with the $1,000 payments some people pay to drive a new 2024 Silverado EV truck. You priced one out for $97,194, and they want cash for that price. When you add in tax, title, license, additional state requirements, and dealer fees, it's well over $100,000.
The $200 Ford F-150 is starting to look pretty good.
When you consider that some people pay $1,000 monthly to drive a new 2024 Silverado EV truck, the $200 Ford F-150 Lightning lease starts to look very appealing.
Cooper Bogetti (@thebogettibunch) owns a 2017 Chevrolet Silverado with 100,000 miles on it, and he's checking out the Ford F-150 ads like many of us do and sees Ford's great deals on the Lightning. In his TikTok video, he says, "Is Ford desperate to move out of the Lightnings?"
Cooper says, "Well, I've talked about this before. I think Ford is desperate to move these F-150 Lightnings. So, check out this new incentive they've got now. $202 per month for 36 months. $6,779 cash due at signing. Look at that."
"You can get a brand new 2024 Ford F-150 Lightning 4 wheel drive, XLT extended battery for $200 a month. That is cheap, and I bet it's because people don't want them."
"However, it's still not worth it, which is even crazier. Because $200 a month is a good deal. But, no one wants it."
"Now, I am fully against leasing. I've never leased a vehicle or plan to lease a vehicle. Who knows, someday I might, but I don't plan to right now."
Cooper says Ford Lightning owners are upside down.
Cooper continues, "But if you are dead set on buying a Ford F-150 Lightning, you should probably lease it because of things like this. I just appraised one today, and he was upside down by $40,000."
"It's because they are tanking in value so quickly. However, if you are set on ownership of a Ford Lightning, your best bet for not losing your (expletive) on it is to lease it and then hand it back over."
"So, you would have paid about $14,000 over the two years, but it lost $30,000 in value or more. So, if you are dead set on a Ford Lightning, leasing is your best option."
"Even if you look at electric cars in general and luxury cars, the Ford Lightning is electric, which squarely falls into this situation."
"Of the cars that have depreciated the most, Tesla has the most depreciating car because it has lowered its prices. Now, EVs and luxury EVs are depreciating the most."
Cooper concludes, "So, why would anyone want to purchase a Ford F-150 Lightning? Especially if you can lease one and let Ford deal with the huge depreciation? It seems like a no-brainer to me. Or, you can just avoid one altogether."
So, that's what Cooper decides is best for him.
Cooper concludes, "No, I'll keep my 2017 Chevy Silverado with 100,000 miles."
However, it could be the best time to buy a new Ford F-150 Lightning.
As I reported previously because the new Ford F-150 Lightning is not selling as expected, Ford is now offering its U.S. dealers up to $1,500 for each 2024 F-150 Lightning they order from one of the automaker's new regional electric vehicle distribution centers, according to a report by Automotive News (by subscription).
So, Ford dealers are incentivized to purchase and sell the Lightning because, as Cooper said, no one is buying them.
CarEdge says the Ford F-150 Lightning is among the five most negotiable trucks.
"While the Ford F-150 Lightning has a market day supply of 73 days (below average), the remaining 2024 models make this truck highly negotiable. With 10% of all new Lightnings being last year's models, there's room for big discounts with negotiation know-how."
You should lease if you want the Ford Lightning.
CarEdge says electric trucks have rapid depreciation, especially now, so approach these deals cautiously.
Cooper says that if you purchase a Ford Lightning instead of lease, the value will likely plummet before you get it paid off. You could be thousands of dollars upside down on the electric truck.
GW Media Relations says, "Electric trucks are currently experiencing a rapid rate of depreciation, meaning they lose a significant amount of value quickly compared to traditional gasoline-powered trucks, with some studies showing EVs losing up to 50% of their value within the first year of ownership; this is largely due to factors like a flood of new models in the market, concerns about battery degradation, and a relatively immature used EV market compared to gas vehicles."
Conclusion.
You can get a great deal on a 2024 Ford F-150 Lightning, but many buyers are still not biting Ford's offer because they aren't sold on the electric truck. However, if you're set on a Ford Lightning, leasing could be your smartest move.
How about you? Are you considering a Ford F-150? Would you lease the Lighting for three years or buy an F-150 gas model? Click the red Add New Comment link below and let us know.
Check out my Ford F-150 story titled; My Ford F-150 Has Lost So Much Value, $20K In Negative Equity Since Ford Decided to Tank the Brand Due to Reliability and Cutting Corners
I am Denis Flierl, a Senior Torque News Reporter since 2012. My 30+ year tenure in the automotive industry, initially in a consulting role with every major car brand and later as a freelance journalist test-driving new vehicles, has equipped me with a wealth of knowledge. I specialize in reporting the latest automotive news and providing expert analysis on Subaru, which you'll find here, ensuring that you, as a reader, are always well-informed and up-to-date. Follow me on my X SubaruReport, All Subaru, WRXSTI, @DenisFlierl, Facebook, and Instagram.
Photo credit: Denis Flierl via Cooper, Ford
Comments
As I have been saying, from…
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As I have been saying, from a car enthusiast, long time Ford owner, unfortunately Ford’s marketing team have no clues what their fan base wants.
The iconic Mustang on a crossover? And if that isn’t insulting enough, even an EV?
The ST badge on the Edge?
You’ve got a way to go ! My…
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You’ve got a way to go ! My Toyota 2WD Hilux 2 seater pick up 1994 - 343,000mls still starts first turn of the key! Some new panels and a respray in the spring.
I always like seeing the…
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I always like seeing the fine print, getting all the details, and seeing the math for myself of others claims. Once armed with information, decisions can be better made.
For some, keeping a fossil fueled truck while buying or leasing an EV could be a good financial decision.
I have at least one friend who bought an used EV for daily commuting and errands, but keep their gas guzzling truck for the rare but occasional towing and hauling. They tell me they've saved about $800 per month in fuel, which in their case, has paid for their EV.
“Ford is desperate to move these Lightnings. So check this incentive they have got, ” he says. “$202 a month for 36 months, $6779 due at signing. $200 a month for a brand new 2024 F-150 Lightning. 4 Wheel Drive XLT extended battery.