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Decent Chunk Of Ford Owners Have $1,000+ Monthly Payments

There’s been a new trend among new Ford owners, as they often opt for vehicles like SUVs that are outfitted with plenty of features. However, these models typically carry a much higher price tag that reflects their myriad features and conveniences, and a recent report by Edmunds indicates that monthly payments among new Ford owners have certainly followed suit.

A whopping 25 percent of new Ford owners shell out at least $1,000 a month for their vehicles, indicating that many of these new vehicles are fairly expensive. That’s quite significant, especially considering that the industry average has 14 percent of customers paying over $1,000 a month for their vehicles.

This isn’t an entirely new phenomenon, however. More and more new car buyers are paying $1,000 or more for their vehicles a month, as evidenced by a report compiled back in July. This is a direct result of supply chain issues causing a low-inventory, high-demand scenario across the automotive industry as a whole, forcing the price of new vehicles to skyrocket.

That scenario seems like it’s here to stay for a while yet. The price that Ford owners can expect to pay for a new Blue Oval product seems to be increasing often. As Ford Authority previously reported, the price of the 2023 Ford Maverick recently increased by as much as $1,200, while certain variants of the 2023 Ford Mustang Mach-E received a price increase of over $8,000 – and so did the 2023 Ford F-150 Lightning and F-150 Lightning Pro. The 2023 Lincoln Corsair also became considerably more expensive, and buyers can expect to pay $2,100 more for the luxury crossover than the prior model year. Interestingly, it seems that buyers of the Ford Bronco in particular have deep loyalty to The Blue Oval and even deeper pockets than buyers of its rival, the Jeep Wrangler, and that model’s recent reintroduction into the market likely increased the average Ford owner monthly payment.

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Alexandra is a Colorado-based journalist with a passion for all things involving horsepower, be it automotive or equestrian.

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Comments

  1. John

    People are really bad at math and buy things they can’t actually afford.

    Reply
  2. Bill

    50k 5 year loan at zero interest is $850 a month. Can we see a future slump in new car and ev sales?

    Reply
    1. Victor

      Yes and at just 5% interest its 943.56 a month almost a 1,000!

      Reply
  3. DonB

    This is insanity. Really. No other way to put it.

    Reply
  4. Mark B

    Still not a great time to purchasing a new or even a used vehicle.

    Reply
  5. Mike

    I have a 96 Ford Ranger Splash in pretty good shape for it’s age, you cannot believe the number of inquires I get from people that want to buy it, including people who see it in the driveway and knock on my door, notes under my wiper while in a parking lot, etc.

    Reply
  6. hot toddy

    wonder just how closely customers’ credit score is taken into consideration when they have their loans approved knowing that the value of their used vehicle can be sold for more than the origional new car sale price if the customer would happen to default on their loan?

    Reply
  7. Samuel

    Buy a rebuilr crate motor and have it installed all for $5k. New seats or quality seat covers can be had as well. That will stop the EV push dead in its tracks due to financial losses. We re-motored our diesel truck for $5k and it will be on the road another 15-20 years now.

    Reply
  8. Robert.Walter

    Drive an aged truck to the grave with a 5k$ rebuilt motor and new JC Whitney seat covers to own the EV libs.

    Priorities!

    Reply
    1. Steve

      That is by far the most economical option. All our vehicles have well over 200k miles and are in good shape. We’ll get rebuilt engines and drive them another 200k miles. Good thing they can’t outlaw engine rebuilders.

      Reply
  9. Bill

    Doesn’t help when the Ford dealers add a $20k Admin fee to new car purchases.

    Reply

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