Fire Sale: Ford Slashes Price on Mach-E to $29,000 in Latest Lease Offer
It is now possible to lease a brand-new Mach-E for less than $400 a month.
The average monthly car payment for leased vehicles is $595. However, Ford is offering a deal on their popular Mach-E model that could allow you to lease one for far less than the average. Cars Direct has reported that Ford has sent a bulletin to dealers that outlines an incentive that includes up to $12,000 off when you lease a 2023 Mach-E. That steep discount means that you could now land a new Mach-E for less than $30K. And your lease payment could be less than $400 a month. That is about one-third less than what an average new car lease payment currently is. Lease is the key word here, as these discounts are available as part of the Red Carpet Lease (RCL) program, but not on purchases.
The Mach-E lease discounts are trim-dependent, with the entry-level Mach-E Select getting the biggest discount. The discount also varies by region, with California, New York, and Florida getting the biggest discounts. But many parts of the U.S. can get the $12,000 discount on all-wheel-drive Mach-E Select models. The previous discount amount for that model was $8,500 so this latest offer is a substantial increase. The rear-wheel drive Select model has a slightly less generous discount of $11,750. Is this enough of a discount to get you into a Mach-E?
2024 Mach-E Lease Deals
If you don’t like the idea of getting a new car that is already a model year old, you can get substantial discounts on 2024 models as well. All 2024 Mach-E models are now eligible for $7,500 in lease cash. That is a huge discount increase that previously varied from $1,500 to $5,250 depending on the model. All of these lease deals are set to expire on July 8. But not to worry. It is possible that for July 4 Ford could tack on some additional savings to the 2023 or the 2024 models.
Mach-E Sales
Why is Ford being so aggressive with Mach-E discounts? In Q1 of 2024, Mach-E sales saw an increase of 77 percent compared to Q1 of 2023. 9,589 units were sold between January and March this year. But despite the increase in sales, Ford still has Mach-E inventory sitting on dealer lots. Overall EV adoption has slowed among consumers. One way to stoke sales is to slash prices, and that is what Ford is doing. Will it work? These are big discounts, and they are sure to sway some people who were on the fence to sign on the dotted line and take home a new Mach-E. But there are still many people out there who would not drive an EV even if it was given to them for free.
EV Prices
Across the industry we are seeing manufacturers slashing prices of EVs, so Ford is not alone on this. And while it is great to see the prices of these vehicles come down, manufacturers can only cut by so much before losses begin to pile up. That is for the auto manufacturers to figure out. But if you are looking for a great deal on a new car, this might be the perfect time to put a Mach-E in your driveway.
Images: Ford
Join the Mustang Source Forums now!
