Ford has increased prices on its F-150 Lightning electric truck for the third time in the truck’s short history. The cheapest model of the pickup now approaches the $60,000 line. When the truck debuted last May, Ford heavily advertised that its prices started at just under $40,000.
But the Lightning has been a runaway success.
Ford sold so many reservations for the truck that, at one point, it had a 3-year backlog of orders. The automaker is currently expanding the factory building the trucks in an attempt to cut wait times.
The Lightning is the all-electric version of the Ford F-series, America’s best-selling vehicle for more than four decades. The EV pickup offers up to 320 miles of range, up to 580 horsepower, and the ability to serve as a battery backup to power a house during a blackout.
A Price Plus a Price Plus a Fee Plus a Fee
Automakers can be opaque about pricing, but Ford has been particularly so with the Lightning. Visit the order page today, and you’ll see a starting price of $55,974 for the base model F-150 Lightning Pro.
But after you pass on every option offered during purchase, Ford presents a sticker price of $58,514, including a mandatory destination fee of $1,895 (standard industry practice). But Ford also lists a $645 “acquisition fee,” helping push the final price near the $60,000 mark — nearly 50% higher than advertised in May.
Now might be an appropriate time to note the Federal Trade Commission (FTC) has proposed new rules limiting the fees that dealerships and automakers can add to new car prices.
Will Others Follow Suit?
When the Lightning first launched, Ford’s roughly-$40,000 advertised price set an industry standard. The frequent price increases, however, may have demolished that standard. Tesla has already announced that its upcoming Cybertruck will not be available for its promised sub-$40,000 price tag.
Chevrolet announced a similar, roughly-$40,000 price for its upcoming Silverado EV electric truck. We won’t be surprised if Ford’s move gives Chevy permission to bump that figure up significantly before the truck reaches the market.
