How is this possible?
More often than not, the higher a vehicle's MSRP, the higher the monthly lease price. Sounds simple enough, right? Indeed, but sometimes things happen and this equation is altered. A recent example of this involves the 2021 Ford F-150 Regular Cab, the cheapest F-150 variant with its $30,635 starting price. Just don't plan on getting a good lease deal.
CarsDirect reports F-150 Regular Cab promotional lease rates are literally non-existent at the moment, just as they are for the outgoing 2020 F-150 Raptor in many parts of the country. Not at all unexpectedly, the redesigned 2021 Raptor isn't eligible for any promotional offers because sales and pricing have yet to be announced.
But it's strange the most affordable F-150 lacks a decent lease price at the moment. F-150 Super Cab and Super Crew body styles, however, currently have attractive lease rates in nearly every region. Meanwhile, the Regular Cab is only currently eligible for a money factor equivalent of 5.5 percent APR while the Super Cab and Super Crew have rates as low as 1.8 and 2.8 percent, respectively. The likely reason for this is due to residual values. Regular Cab residual values are often worse compared to the Super Crew.
For example, the XL Super Crew has a 36-month residual of 61 percent compared to the Regular Crew's 59 percent. One reason why Ford may not be giving Regular Cabs decent promotional lease offers is that it wants to encourage buyers to go higher on the trim ladder.
Trucks are highly profitable for Ford, just as they are for GM and Ram, so the more one spends, the greater the return. They just need to encourage greater spending and attractive financing and lease promotions are key. Ford has offered hidden discounts on some body styles and trims, such as the XLT Crew Cab. These aren't typical incentives, but rather built-in credits aimed to help lower prices of certain features.
The bottom line is that buyers will get a better lease deal for the next month on a pricier 2021 F-150 configuration than the base truck. Again, the more one spends, the better the deal.