For the remainder of 2023, shoppers looking for an electric pickup will find appealing discounts on the Ford F-150 Lightning. These discounts provide $7,500 in retail purchase rebates for specific models. When combined with the $7,500 federal EV tax credit, Ford customers can save up to $15,000.
The $7,500 retail purchase rebate is available throughout the United States as long as the total value of the vehicle does not exceed $80,000. The offer will expire on January 2nd, 2024.
According to Electrek, the Platinum variant is eligible for the full $7,500 in Retail Order Bonus Cash for both purchases and leases. The Lariat variant offers the same rebate for purchases, but just $5,000 for leases.
The $7,500 retail purchase rebate is the largest incentive that Ford has offered this year by far. Ford Authority reports that the company only offered $1,500 in Retail Order Bonus Cash in July and $2,000 in August. Ford didn’t offer any incentives at all between January and June, as well as in September and October.
Ford’s generous discount in November and December likely aims to revive interest in purchasing the F-150 Lightning. Demand for the electric pickup has significantly declined, resulting in a 46% drop in year-over-year sales during Q3. As a response, Ford scaled back production of the F-150 Lightning at the Rouge Electric Vehicle Center earlier this year.
Ford CEO Jim Farley has stated that customers remain concerned about EVs’ high purchase prices. In addition to boosting incentives for the F-150 Lightning, Farley is ramping up production of hybrid gasoline-electric models. Hybrids cost 42% less than EVs on average.
In September, Ford announced that it would double F-150 hybrid production in 2024. F-150 hybrid sales rose by almost 30% during the first six months of 2023.
Image Source: Ford Trucks