Ford recently announced changes to the cost of the 2024 Ford Mustang Mach-E.
The 2024 Ford Mustang Mach-E base trim (pictured above) will have a starting price of $43,495, excluding destination charges. This is $500 higher than the 2023 base price of $42,995. The base trim is also known as the Select trim.
Similarly, the all-wheel-drive version of the base trim will start at $46,495. This is $500 more than the current price of $45,995.
However, the situation is different for the other trims.
The 2024 Mach-E Premium will have a price starting from $46,995, which is the same as the 2023 Mach-E. The same goes for the all-wheel-drive 2024 Mach-E Premium, which will still have a starting price of $49,995. The official prices for the higher-performance 2024 Mach-E GT and the new Mach-E Rally have not yet been disclosed.
One of the Mach-E’s current trims, known as the California Route 1, will be discontinued for the 2024 model year.
The new 2024 Mustang Mach-E Rally will be based on the GT variant but with a raised suspension, rally-style alloy wheels, several rally-inspired design elements, and a unique RallySport Drive Mode. Ford has stated that the Mach-E Rally will have a starting price of “around $65,000” and will be available for purchase in early 2023.
The modest price increases are noteworthy because they indicate that Ford’s season of cost cutting has come to an end. According to CarsDirect, Ford reduced Mustang Mach-E prices by as much as $5,900 in February 2023. In May, prices were cut again by up to $4,000 for certain trims.
Ford has likely concluded that further price cuts won’t boost sales. Between September 2022 and September 2023, the average price of a new EV in the United States fell from $65,295 to $50,683, a decline of over 20%.
However, EV inventories at auto dealerships increased by over 500% in the same time frame. This indicates that even in spite of the price cuts, EV demand is hitting a low point. It took dealers roughly twice as much time to sell an EV in August 2023 as it did in January 2023.
Image Source: Kelly Ford FL