Many electric vehicle manufacturers have been aggressive with financing and lease deals lately. With new car interest rates at the highest level they have been for years, financing an electric vehicle is starting to become the most cost-effective way to get into a new vehicle. Adding fuel to that fire, Ford announced new financing incentives today for Mustang Mach-E and Ford F-150 Lightning.
Mustang Mach-E
All 2023 and 2024 Mustang Mach-E models can be financed for 0% interest up to 72 months if you have excellent credit. If you prefer to lease, a new $7,500 Red Carpet lease cash bonus is available from Ford until September 30th, along with a new 24-month lease option for those with commitment issues. An additional $600 off is available until September 9th if you pick one from dealer stock.
The 2024 Mustang Mach-E gained range and charging speed, now up to 320 miles on rear-wheel drive cars. If you don't mind being a year behind with ten fewer miles of range, your dealer may be motivated to slash the price of leftover 2023 Mach-Es a bit further for you with another $2,000 off when financed. However, we suspect the dealership can find room for discounts even if you lease. Remember that the Mach-E no longer qualifies for tax credits as of January 1, 2024.
F-150 Lightning
On the F-150 Lightning, 2023 models are available at the same 0% for 72 months, while 2024 models can be had for 0% for 60 months or 1.9% for 72 months, and most trims of the F-150 Lightning qualify for the $7,500 tax credit. A 24-month lease option is available; however, without the $7,500 bonus cash that the Mach-E features, it isn't a good deal. With Ford being the number two electric vehicle manufacturer in the United States behind Tesla, Tesla owners can snag an additional $1,000 conquest bonus.
E-Transit
The Ford Transit is the most popular work van in the country, so incentives are slim. However, if you are in the market and can find a leftover 2023 Ford E-Transit on the lots, Ford is offering 0% interest for 60 months plus $7,500 bonus cash. Just keep in mind that Ford enhanced the E-Transit for 2024 and you will be limited to a range of 126 miles rather than the 159 miles of the updated model.
All three of Ford's current electric vehicle offerings are compatible with most of the Tesla Supercharger network, though you will need to use a complimentary Tesla adaptor provided by Ford. Ford access to the Tesla network is transparent with plug-and-go available through Ford's BlueOval charging network.
It will be interesting to see if other manufacturers follow suit with new electric vehicle incentives of their own.
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