The Ford F-150 isn't just America's best-selling truck, it's been the best-selling vehicle period for over four decades. With the new Ford F-150 Lightning propping up Ford's shift to electrification, it's only a matter of time before F-150-turned-EV buyers flock toward the battery-powered truck. As Cars Direct discovered, now might be the best time.
If you're on the fence, Ford's making that decision even easier by throwing a huge pile of cash on the truck's hood. And that means anybody looking to lease it could save as much as $15,000 off the sticker price for 2023 models, and nearly 0% interest for one market. Here's what you need to know.
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EV Lease Deals
EV leases are booming right now. Not only are automakers looking to blow out models to move in a cooling market, but OEMs are taking advantage of its tax credit loophole which allows vehicles to qualify for the $7,500 federal tax credit that otherwise wouldn't due to battery material sourcing.
The bulk of Ford's $15,250 discount comes from the automaker's Red Carpet Lease (RCL) Customer Cash program, which is just a fancy way to say "lease rebate." Unfortunately, the discount is only good on the Platinum trim, which comes with a hefty MSRP of $91,995. The $15,250 discount brings the grand total to around $76,745 before any dealer add-ons and destination costs. Keep in mind that this model already had a $7,500 pile of cash on the hood before the most recent incentive.
The Lariat Standard Range ($69,995) gets $9,750 off while the Lariat Extended Range ($77,495) gets a smaller $9,250 discount. Both trims previously had $5,000 off sticker. Lastly, but certainly not least, the XLT Extended Range ($69,995) gets $7,000 off, up from $1,500.
The lease terms are for 36 months with a maximum annual mileage cap of 10,500 miles. And if you happen to be a buyer in California, Ford is sweetening the deal by cutting the lease's money factor, essentially bringing the interest rate down from 5.68% to just 0.09%.
Ford is currently offering this promotion in at least 10 regions—Atlanta, Chicago, Cincinnati, Dallas, Houston, Los Angeles, Memphis, New York, Pittsburgh and San Francisco. To take advantage of it, you'll either need to check with your local dealer or use Ford's online inventory tool to see if the offer applies. Given that Memorial Day weekend is often a popular sales day for dealerships, we'd probably use the inventory tool before venturing out.
If you're looking to buy instead, Ford is offering 1.9% financing on top of the $7,500 federal tax credit, but you'll need to find a model under $80,000 to qualify for some of that government money.
