The Ford F-150 Lightning was supposed to mark a new future for the long-running Detroit car brand. On paper, the vehicle represented everything consumers presumably wanted in an EV. It packs the familiarity of the best selling pickup truck in the world for decades, combined with an all new drive train.
But that still doesn’t seem to be enough to lure customers in, according to The Bogetti’s (@thebogettibunch) on TikTok. The social media user claims that “Ford just can’t move the Lightnings.” To support this claim, he delineated a lease deal the brand has launched to hopefully but people behind the wheels of these things.
He speculates the promotion won’t work as intended. In a viral TikTok with over 1 million views, he claims the brand is “desperate.” However, after crunching numbers, other folks on the app don’t believe this is necessarily the case.
F-150 Lightning fire sale?
He begins his video with a screenshot of the lease deal in question. As noted in the image, new F-150 Lightning drivers only need to shell out $202 per month to enjoy the vehicle.
However, that is if they’re willing to put $6,779 down first. In spite of this hefty initial payment, the TikToker claims it’s a great deal.
“Ford is desperate to move these Lightnings. So check this incentive they have got, ” he says. “$202 a month for 36 months, $6779 due at signing. $200 a month for a brand new 2024 F-150 Lightning. 4 Wheel Drive XLT extended battery. That is…cheap!”
He continues, “And I bet people still don’t want them. Still not worth it. Which is even crazier because for 200 bucks a month it’s actually a pretty good deal. But, they don’t want it.”
Is this a good deal?
First, let’s break down what customers are actually buying when they lease a vehicle. Lease terms are effectively negotiating the estimated total loss, aka, depreciation of a vehicle. The first year or so of a brand-new car is when it typically carries its highest value. This is why financial experts will almost always advise purchasing a vehicle that is only a few years old. That’s because its worst depreciation period is already behind it. Furthermore, depending on the car brand you buy, it’ll still carry tons of more miles covered under a manufacturer’s warranty.
The F-150 Lightning XLT with extended battery’s MSRP starts at $62,995. You can deduct a $7,500 Federal EV Tax credit from the car’s purchase, resulting in a price of around $55,500. Next, let’s calculate the total cost of the 36 monthly payments for the lease deal featured in The Bogetti’s TikTok. That’s $7,272, plus $6,779 down, which brings us to $14,051.
So, depending on the mileage you’re restricted to on the lease deal, which presumably can be negotiated to be higher if Ford is indeed desperate to move these vehicles. That means you’ll get to have a 320-mile EPA estimated range EV that’s nicely optioned for around $390.30 a month. This isn’t bad for a brand-new, well-reviewed car praised for its “insane power and speed.”
But are you getting screwed on the car’s depreciation value as part of this lease deal? Usually, new cars depreciate anywhere from 15 to 35% of their total value within the first three years. Moreover, EVs tend to depreciate more quickly than their gas counterparts. One reason this is the case is the cost of servicing expensive components, such as the enormous lithium-ion batteries used to power them.
Even when factoring in the Federal EV Tax credit, the lease terms of the F-150 Lightning fall in line with standard depreciation estimates.
TikTokers aren’t sold
Numerous folks who responded to Bogetti’s video didn’t seem to think the deal he presented was all that great. Many urged those interested in getting a Lightning to put zero down and pay $390 a month instead. “Down payment on any lease is not smart,” one said.
Another echoed, “Never ever put money down on a lease. Keep your $6779 and lease it for $390 a month.”
“You get I don’t want that, almost 7k down for a lease?? No thanks,” someone else wrote.
Someone else argued that the F-150 Lightning deal wasn’t really that much of a deal to begin with: “$14k to borrow a truck for three years ain’t cheap lol.”
One TikToker argued that there are plenty of auction deals folks could take advantage of instead. This is because, they claim, the car isn’t popular and just isn’t selling. “In Manheim Orlando Fl there is a complete lot of new 0 miles up for auction and it’s been a while since anyone has bought even one of them,” one said.
@thebogettibunch Ford just cant move the lightnings! #ford #fordlightning ♬ original sound – The Bogetti’s
ABC 7 San Francisco reported in January 2024 that Ford has significantly scaled back production of its F-150 Lightning. This is attributed to the relatively low number of Lightnings (24,000) that have been sold.
The Daily Dot has reached out to Ford via email and The Bogetti’s via TikTok comment for further information.
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