Truck buyers eyeing electric options for their fleets should take note: leasing a 2023 model year Ford F-150 Lightning is now more than $200 cheaper per month than its gas-powered counterparts.
A recent analysis by Cars Direct revealed that a surge in incentives for the 2023 Ford F-150 Lightning during Memorial Day weekend has made leasing the all-electric pickup more economical than leasing a traditional gas-powered F-150.
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According to Ford’s online payment estimator, a 2023 Ford F-150 XLT can be leased for $578 per month for 36 months with $5,987 due at signing. This is based on an MSRP of $53,445 for the V6 SuperCrew in a 4×4 configuration with an allowance of 10,500 miles per year. Despite this seemingly attractive offer, with an effective cost of approximately $744 per month, it’s considered a less favorable deal.
In contrast, the 2023 Ford Lightning XLT is listed at $338 per month for 36 months with $6,102 due at signing, equating to $508 per month. This makes it $236 per month cheaper than its gas-powered counterpart. The Lightning XLT is a 4×4 Standard Range SuperCrew with a sticker price of $56,990, about $3,500 more than the gas model on paper.
But why is the F-150 Lightning’s lease cheaper than a conventional F-150? Besides the substantial discounts applied by Ford to its remaining 2023 Lightning inventory and subsidized lease rates equivalent to 0%, Battery Electric Vehicles (BEVs) typically retain higher residuals than Internal Combustion Engine (ICE) vehicles.
This higher residual value means that the difference between the selling price at the dealer and the projected value of the vehicle after 36 months is smaller for the Lightning compared to the ICE truck. Since lease payments essentially cover this difference (the residual value), the Lightning ends up with a lower total amount to be divided into monthly payments.
This development underscores the growing affordability and attractiveness of electric vehicles, particularly in the highly competitive truck market. As EV technology continues to advance and become more accessible, consumers can expect to see more compelling offers and incentives to make the switch to electric.