Though it remains a highly-sought after entity in the new vehicle market, the Ford Mustang Mach-E has still been available with a handful of incentives since its launch for the 2021 model year, including Ford Options Retail Bonus Cash, which rewarded customers in select markets with rebates ranging from $500 to $2,000. However, for the most part, Mach-E incentives have remained elusive as demand for the EV crossover continues to outpace supply. That also remains the case with the 2023 Ford Mustang Mach-E as well, according to a dealer bulletin recently seen by CarsDirect.
That bulletin notes that the 2023 Ford Mustang Mach-E is not eligible for promotional financing – only standard rates. With interest rates rising in recent months, that means customers can expect to pay more for their Mach-E loan, disappointing news after the EV crossover was just eligible for a 4.99 percent APR for up to 72 months via Ford Credit in most parts of the U.S. Rates have also risen multiple times over the past few months after coming in at 4.49 percent for 72 months back in October.
Roughly one year ago, the Mach-E could be purchased with a special zero percent APR deal, but now, Ford has discontinued all promotional rates associated with Ford Options Plan – a hybrid financing/lease program with balloon financing. Opting for that particular plan is also the only way buyers can obtain the current $7,500 tax credit, aside from traditional financing, as Ford doesn’t pass that money down to lessees.
While some speculate that this may just be a way for Ford to simplify its EV financing deals, as both the Ford F-150 Lightning and E-Transit are available with 6.9 percent financing for 72 months, but not the Mach-E – at least for now. Regardless, the added interest incurred by that same rate equates to around $11,200 for a $50,000 vehicle over six years, which is a substantial increase no matter how we slice it, particularly since the 2023 Ford Mustang Mach-E also debuted with big price increases, albeit a few updates as well.