The lucrative Retail Customer Cash incentive has been canceled.
Ford has discontinued the $7,500 F-150 Lightning rebates on its electric truck, which means purchasing a Ford F-150 Lightning is a lot more expensive than before.
CarsDirect reports that the Blue Oval has taken away F-150 rebates for the Ford Lightning, with a dealer bulletin announcing that the F-150 Lightning Retail Customer Cash incentive is no more. This should not be confused with the $7,500 tax credit offered as a separate incentive.
A Ford Credit spokesperson confirmed that the discount had been canceled, with Ford now focusing Lightning incentives on lower interest rates. Add the Retail Customer Cash incentive to the tax credit, and customers could have saved as much as $15,000 off the price of an F-150 Lightning. Interestingly, XLT variants were offered with a less desirable $1,500 discount.
It's not all bad news, though. F-150 Lightning customers can purchase electric trucks through Ford Credit promotional financing. Before this, the Lightning was available with standard financing rates. Now, customers can look forward to rates as low as 1.9% APR and 90 days of no payments.
However, this appealing deal is only available on a 36-month financing plan. If you want to take out a different financing strategy, interest rates will be slightly higher: 48 months (2.9%), 60 months (3.9%), and 72 months (5.9%).
There are deals to be had if leasing, too. These discounts remain unchanged from November, with $1,500 in lease cash for the XLT, $5,000 for the Lariat, and a hefty $7,500 on the Platinum. We're surprised Ford hasn't offered more appealing incentives, especially as demand has dwindled since the launch.
Pricing for the F-150 Lightning has been volatile, with the MSRP jumping all over the place. MY2024 models are priced from $52,090, an immense amount for an entry-level work truck. Let's not forget the Lightning Pro was less than $40,000 when it was introduced.
And if you're in the market for a Mustang Mach-E, you may want to hurry up and buy one. Ford believes the $3,750 tax credit will be taken away in January, which makes us wonder if the manufacturer will cut pricing for the electric crossover. The Blue Oval has already admitted to losing money on every EV it sells, so cutting pricing even further may not be the best solution.
Ford has already discounted Mustang Mach-E pricing to compete with Tesla, but we wouldn't be surprised if we see reduced pricing in the near future.