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After factoring in the federal tax credits and state incentives, the F-150 Lightning could cost you less than any new gas-powered full-size truck!
by Sidd Dhimaan, on LISTEN 08:02It’s not been long since Ford launched the electric 2022 F-150 Lightning. There are a lot of talking points about it, but the highlight is its price. Ford had announced in the past that it isn’t looking at building EVs costing more than $100,000. This meant that the truck would top out in the high five-digit figures, but no one expected a sub-$40,000 starting price before federal tax credits. Account for the state incentives along with it and the effective price falls under $30,000 in some states!
Motor1 compiled a list of the prices after factoring in the incentives and discounts and it looks like the F-150 Lightning will be the cheapest full-size truck you can buy today!
Overview
Being the market leader, Ford had to make sure it didn’t lag behind in any aspect. This is arguably the most important product for the Blue Oval moving forward and it seems to have done a good job so far. Ford has announced a 300-mile range for the truck in its best avatar. It looks good on paper, but in the real world where a work truck will tow often, this figure is abysmal. Not to mention, it is 100 miles less than the range announced by Chevrolet for the Silverado EV. Will this be a mental block for potential customers? Only time will tell.
Apart from the range anxiety, another aspect that turned off the customers was the cost of the vehicle. Given the costs of the battery, electric car manufacturers couldn’t price their products on par with fuel-powered vehicles. Even EV specialist Tesla hasn’t been able to do it despite being in the market for over a decade. Tesla recently announced a $25,000 car, but it’s still some time away. But, given that Ford managed to price a full-sized electric truck at under $40,000 when it’s still finding its feet in the EV market is a big deal.
Sub-$40,000 Price, But There’s A Catch
This is more of a ‘read between the lines’ situation, but it’s a win for Ford, nevertheless.
In case you missed it, Ford has launched the F-150 Lightning in four trims – XLT, Lariat, Platinum, and a commercial trim.
The company has announced the features and specs for the trims other than the commercial variant. The latter is the one that’s starts at under $40,000, whereas the actual range starts at $53,000 and will go up to $90,000. And, at this point, Ford hasn’t revealed anything about this work truck commercial variant.
The F-150 Lightning Could Be Cheaper Than Its Gas Alternative
That said, the commercial entry-level model will be cheaper than a new 2021 F-150 you can buy today.
Heck, in one state it even turns out to be cheaper than the Nissan Frontier!
The fuel-powered F-150 starts at $28,940 and the 2021 Nissan Frontier at $27,190.
The F-150 Lightning is priced at $39,974, but this doesn’t include the federal tax credits. Mind you, these are credits and not an upfront discount. If you’re eligible for the full credit, your F-150 Lightning will effectively cost you $32,474. However, some states are offering incentives, too. Motor1 compiled a list and found that in four states, the F-150 Lightning will cost you cheaper than a gas-powered F-150, and in one of them, even cheaper than the Frontier.
Which Are The Four States?
Colorado, Vermont, Oregon, and Maine. These are the four states in the U.S. that offer incentives over and above the federal tax credits that would make the F-150 Lightning cheaper than the standard F-150.
2022 Ford F-150 Lightning in Colorado
Colorado offers an incentive of $2,500 if the Gross Vehicle Weight Rating (GVWR) is less than 8,500 pounds. If the GVWR is between 8,500- and 10,000 pounds, then the incentive is $3,500. If it’s more than 10,000 pounds, then you’ll be eligible for an incentive of $5,000. Considering the F-150 Lightning will most likely fall under the middle bracket, this brings down the price to $28,974.
| F-150 Lightning Starting Price | $39,974 |
| Federal Tax Credit | -$7,500 |
| State Incentive | -$3,500 |
| Effective Starting Price | $28,974 |
2022 Ford F-150 Lightning in Vermont
Vermont offers an incentive of $4,000 if the price of your EV is less than $50,000, and $2,500 if it’s more than $50,000. If you deduct $4,000 from the F-150 Lightning’s $32,474 price, the EV could cost you as low as $28,474 in this state.
| F-150 Lightning Starting Price | $39,974 |
| Federal Tax Credit | -$7,500 |
| State Incentive | -$4,000 |
| Effective Starting Price | $28,474 |
2022 Ford F-150 Lightning in Oregon
Oregon offers two different rebate programs. One program is called Charge Ahead, which is applied at the purchase of any plug-in hybrid or EV, and the other if the battery capacity is more than 10 kWh. The value of both the rebates is $2,500 each. Since the F-150 Lightning checks both the boxes, the price of your Lightning would be $27,474. Also, Oregon doesn’t charge you any sales tax, so even better savings in the final cost.
| F-150 Lightning Starting Price | $39,974 |
| Federal Tax Credit | -$7,500 |
| State Incentive | -$5,000 |
| Effective Starting Price | $27,474 |
2022 Ford F-150 Lightning in Maine
Maine is where the F-150 Lightning will cost you less than the Frontier, too. The state offers a $2,000 rebate to anyone on the purchase of an EV, and $5,500 for qualified low-income customers. Anyone who qualifies for the higher rebate program can have their F-150 Lightning for $26,974. This is $13,000 less than the price Ford announced for the truck.
| F-150 Lightning Starting Price | $39,974 |
| Federal Tax Credit | -$7,500 |
| State Incentive | -$5,500 |
| Effective Starting Price | $26,974 |
Is The F-150 Lightning Any Good?
On paper, it seems impressive. Ford hasn’t revealed the details of the commercial variant that could cost so cheap, but the higher trims are fairly well loaded. Here are some salient features in a nutshell:
- It looks similar to the standard F-150, but features its own distinct tweaks and styling elements
- Available only in one body style and bed size – SuperCrew with a 5.5-foot bed
- Independent rear suspension setup standard
- Dual-motor, all-wheel-drive setup standard
- Offered in three trims – XLT, Lariat, Platinum – apart from the entry-level commercial variant
- Available with two battery packs – Standard Range and Extended Range
- Targeted EPA-estimated range – 230 miles with the SR battery and 300 miles with the ER battery
- Power outputs: SR battery – 426 horses and 775 pound-feet of torque; ER battery – 563 horses and 775 pound-feet of torque
- 0-60 mph in mid-four-seconds
- These specs make it the quickest and most powerful F-150 ever
- Supports fast charging up to 150 kW
- It can add up to 54 miles of range in 10 minutes
- Maximum Towing Capacity – 10,000 pounds (million-pound stunt what? Art186100)
- Maximum Payload Capacity – 2,000 pounds
- It comes with the Pro Power Onboard as standard – 2.4 kW on XLT and 9.6 kW on the other two trims
- 15.5-inch touchscreen in Lariat and Platinum, 12-inch on XLT
- Runs on SYNC4 infotainment system and supports Apple CarPlay and Android Auto
- XLT priced at $52,974 and commercial trim at $39,974, before federal credits and state incentives
- Price for Lariat and Platinum not announced, but the latter could be in the ballpark of $90,000
- It will arrive in Spring 2022. Pre-booking open with a $100 refundable deposit
