If you're looking for a deal, retail is where it's at.
The Ford F-150 is all-new for 2021, boasting a number of significant upgrades over the outgoing truck, chief among them the option of a hybrid-electric powertrain with a nifty onboard generator for running power tools on the job site. No doubt that this F-150, just like every iteration before it, will be in high demand.
But if you're one of those truck buyers eyeing up the latest version of Ford's best-selling light-duty pickup truck, a word to the wise: buy, don't lease. The folks at CarsDirect managed to get their hands on a copy of a dealer bulletin going over pricing for the all-new F-150, discovering some attractive discounts for retail shoppers, but very little incentive for lessees.
Even from launch, the 2021 Ford F-150 XLT will offer up to $3,000 in savings, in the form of a $500 customer cash rebate, a $1,000 financing bonus for taking out a loan with Ford Credit, and a $1,500 bonus specifically for the XLT trim. Additionally, there are hidden savings to be had with certain configurations, CarsDirect reports - built-in credits that make some options well worth the upgrade. As an example, buying an XLT with the Co-Pilot 360 2.0 active safety suite unlocks $2,250 in savings alone.
Special APRs for the new F-150 through Ford Credit are available, too, starting at 2.9% for up to 36 months, and increasing to 3.9%, 4.9%, and 6.9% for 48-, 60-, and 72-month loans, respectively. Taken altogether, Ford's retail deals could help ease some of the pain of the F-150's substantial price tag for 2021.
As for leasing, how good a deal one can get depends largely on their location, but at a glance, the options aren't nearly as attractive. Looking at Los Angeles as an example, the F-150 Super Crew has a money factor equivalent to an APR of 8.35% on a 36-month lease, or 10.10% for 48 months. The Super Cab offers equivalents of 7.73% and 10.32%, respectively, for the same lease terms.
CarsDirect also took a look at the Detroit market, finding a lease as low as a 4.42% equivalent, but even still, Ford doesn't appear ready to offer any standard lease cash from launch.
Apart from the fact the 2021 F-150 is brand-spankin'-new, part of the reason for the lukewarm lease deals could be that trucks are less readily available nationwide than usual, due to the global pandemic. This is one situation where waiting just a few months could pay dividends.