The Ford F-150 Lightning, a highly anticipated all-electric pickup truck, is encountering difficulties in the secondhand vehicle market, according to recent analysis. Despite garnering over 100,000 deposits and generating substantial hype, the electric truck is reportedly struggling to find buyers for its used inventory.
Initially, the F-150 Lightning faced high demand, leading to challenges in acquiring the vehicle at its Manufacturer's Suggested Retail Price (MSRP). Ford responded to the strong demand by increasing production plans twice, aiming to build 150,000 units annually. However, a Ford Authority report notes that the supply eventually caught up with demand, resulting in a 45.8% drop in F-150 Lightning sales in the United States during the third quarter.
Surprisingly, this decline occurred despite Ford implementing price cuts on the all-electric pickup truck this year. iSeeCars, a vehicle data firm, revealed that the F-150 Lightning is now among the 10 slowest-selling used cars, spending approximately 78.4 days on dealer lots. In comparison, the average used vehicle spends around 49.2 days on dealer lots, indicating a notable difference.
While iSeeCars acknowledged that the average electric car takes longer to sell than the industry average, the data also showed that the average for used electric cars is 52.4 days, still considerably lower than the F-150 Lightning's 78.4 days. Interestingly, used electric cars sold much faster last year, with the average selling time at just 37.5 days.
Karl Brauer, executive analyst at iSeeCars, commented on the situation, noting that the F-150 Lightning, despite being based on the best-selling vehicle in the U.S., is struggling to attract buyers in the current market dynamics. Brauer highlighted that many of today's slowest-selling used cars are premium models or electric vehicles, with the F-150 Lightning facing challenges alongside other notable vehicles.