With Ford preparing to launch the next-generation Ranger for the 2022 model year, prices for the current model are starting to plummet. This month, Ford has discounted the midsize pickup by up to $5,500, though only select buyers can take advantage of this generous offer that includes a base cash allowance of $3,500 plus an additional $1,000 rebate.

To qualify for the $1,000 incentive, the buyer must be a current college student including part- and -full-time or must have graduated within the past two years.

In addition, if the buyer places an order before July 6, 2021 and take delivery of the truck by the same date, Ford will add an additional $1,000 rebate on top, bringing the total potential savings to $5,500.

Discounts available for the Ford Ranger vary by region. In New York, Detroit, Miami, and Los Angeles, Ford is offering the $1,000 discount for college students. In New York, Ford is also offering 1.9 percent APR for 60 months plus a $500 trade assist for customers who prefer to finance. Eligible buyers in Los Angeles can qualify for 1.9 percent APR for 60 months plus a $3,500 trade assist. In Detroit and Miami, Ford is also offering a $500 incentive to military, first responders, and medical professionals.

All offers expire after July 6 apart from the $1,000 incentive for college students and graduates, which runs until August 2. These offers are only available for the 2021 Ford Ranger to help clear inventories before the all-new 2022 model arrives - Ford is no longer offering incentives for the 2020 model.

For reference, pricing for the 2021 Ford Ranger varies from $25,070 for the entry-level XL and $33,160 for the range-topping Lariat, plus an additional $1,195 destination charge and $645 acquisition fee. With the maximum $5,500 saving applied, the MSRP for the 2021 Ford Ranger drops to less than $20,000, which is great value to those that are eligible.