Is the F-150 Lightning Still Bang For Your Buck Despite the Price Increase?
Ford has just announced that they are increasing the price of their electric pickup, the F-150 Lightning. The big question on everyone’s mind — is whether it’s still worth investing your money in this brand-new electric truck.
Many people are hesitant to purchase one because of the high price tag, but now that the cost has gone up more, it’s hard to know what to do. Compared to the growing electric pickup truck selection, let’s find out if it’s a bang for your buck.
Automakers increase their vehicle prices
It’s not just Ford that increased the price of its popular models by nearly 11 percent. However, it is the latest automaker to increase the pricing of its newest electric vehicles amid rising commodity costs and inflation.
Other competitors in the truck market, such as General Motors, elevated the price of its Hummer EV pickup by $6,250. Tesla has also raised its vehicle pricing this year, so expect that it will affect the sticker price of the controversial Cybertruck in its next year’s release. Additionally, EV startups Lucid and Rivian Automotive have substantially increased the costs of their electric vehicles to other automakers.
According to Ford Motor, the significant material cost increases and other factors affects the starting prices of its electric F-150 Lightning pickup truck. The Detroit automaker said the price increases would not impact the customers who have already completed the order before the price increase announcement, as well as those who are awaiting delivery. The price surge depends on the model, but that will affect an undisclosed number of reservation holders who have not yet fully completed the order of the F-150 Lightning.
The starting prices for the 2023 model of the F-150 Lightning Pro are up nearly $7,000 from its price tag earlier this year. The basic model will now range from about $47,00, while the most expensive model, the Platinum Extended Range, will cost $96,874. The prices exclude taxes, as well as shipping and delivery costs.
Cause of price increase
A research and consulting firm AlixPartners has recently reported the cause of the price increase in many electric vehicle models. It was mentioned that during the coronavirus pandemic, the cost of raw materials for electric vehicles had soared more than double.
The price hikes happened the same day President Biden signed new legislation. It is designed to make it easier for automakers to get the semiconductors required to manufacture new vehicles. White House officials said that the Chips and Science Act would boost domestic production of computer chips as it provides more than a $200 billion budget.
A Ford spokesperson mentioned in reports that most of its price adjustment is unrelated to the CHIPS Act, as the battery material costs cause it. Increasing the prices is Ford’s way to moderate the hit from ongoing supply chain snags. The semiconductor shortages weighed on the production of new vehicles last year, but Ford says its prices increased because of the ballooning battery costs. The decades-high inflation is also the culprit for the soaring price. And it happens not only in the automotive industry but also in other industries.
Ford has no updates yet, and it is unclear how long the customers will have to wait for their new truck after placing an order. According to the blue oval-badged automaker, it has only sold about 4,400 vehicles since the start of deliveries in May. One spokeswoman for the company said that the deliveries of new orders are scheduled to begin again this fall.
The pricing increases come ahead of Ford’s reopening orders for the F-150 Lightning last August. Late last year, the company announced it had closed orders after receiving more than 200,000 nonbinding reservations for the electric truck.
Is the electric F-150 worth the money?
The Ford F-150 Lightning had proven to be a success in its first model year. The order books for the 2022 batch have already closed and sold out.
- Powerful engine: The F-150 Lightning is quick to accelerate, and Ford claims that in 5 seconds, it can do a zero to 60 kph sprint. The standard range features a 98-kilowatt-hour battery good for 230 miles of driving range between charges. The powertrain also offers 452 horsepower and 775 lb.-ft. Torque. The extended range battery is also available with 131-kWh, providing a driving range of 320 miles Buyers who will choose a battery with higher capacity can improve the output from the electric motors.
- Let you enjoy the outdoors: You can hear the combustion engine’s noise and roar in a traditional pickup truck. But in an electric 4x4, you will get a quiet engine without compromising the performance. You can roll down the windows and bask in the scenery. You are free from the whiff of the exhaust and the chug of the engine to focus more on the outdoors.
- More space for your load: Aside from the rear cargo space wherein you can put on tonneau covers, Ford includes a unique feature for more cargo space. The “frunk” is a trunk space at the truck’s front end that provides more space if you need more room for your load. When you pop the hood of combustion engine trucks, you’ll see the engine parts.
- Capable of charging up your devices and more: The great thing about the electric F-150 is that it provides a means to power up your entire home during an outage. You can also use it to charge your devices or plug in your power tools for work.
- Impressive towing capacity: The Pro, Lariat, and XLT trims are equipped with the Extended Range battery, and the Maximum Trailer Tow Package gets the highest tow limit. The truck has no problem pulling a 9,500-pound trailer, as it can tow up to 10,000 pounds depending on trim and options.
- Off-road capability: The electric F-150 lets you enjoy off-roading. You can get the wheel up in the air without worries as you drive on the loose dirt trail. Make sure to put a nice set of truck tires before you drive on rough terrains. The truck has traction control, so you can climb steep rock-strewn hills or splash through a muddy area or a rocky creek bed, all with ease and comfort.
The F-Series pickup is Ford’s best-selling vehicle in America, and people got more excited when they gave the famous truck model an all-electric powertrain. The truck is a bang for your buck even if the price increases. You can enjoy many features, such as towing, off-roading, and more. It also has a more powerful engine compared to other pickup trucks in the market. If you are looking for an electric pickup truck that can do it all, the Ford F-150 Lightning is the ideal truck for you.
