Is Ford's F-150 Lighting Too Pricey? A $20K Surge Is Likely Turning Off Customers

The Ford Motor Company F F-150 Lightning, the automaker's flagship electric truck, is facing a wave of cancellations as its price has climbed significantly from the originally advertised $40,000 mark.

Tim Bartz, a sales manager at Long McArthur Ford, told The Verge that 30% of his 135 reservations have been canceled due to price increases. These rising prices have deterred potential customers, who were initially attracted by the prospect of a relatively affordable electric truck.

The price increase has made the base model F-150 Lightning Pro now cost nearly $60,000 — a massive $20,000 surge from the initial price. Some reservation holders who had originally hoped to secure the truck at a lower cost have been pushed into a price bracket they can't afford, causing them to cancel their orders. The sticker shock has also led some customers to opt for cheaper EV alternatives, such as the Chevrolet Bolt EV.

Adding to the pricing woes, changes to the Inflation Reduction Act have capped tax incentives for vehicles under $80,000, making a large proportion of the F-150 lineup ineligible for the $7,500 tax credit. This, coupled with an almost sold-out 2023 Pro trim, means many potential buyers who didn't place an order back in 2022 are likely to miss out on the cheaper electric truck.

Despite these setbacks, the demand for the F-150 Lightning remains strong, albeit skewed towards the higher-trimmed Lariat and Platinum models. Ford's decision to boost production of the XLT and Pro trims is seen as a positive move, but as prices continue to rise, the electric truck market may increasingly cater to wealthier customers.

Image: Courtesy of Ford