There was a time – not terribly long ago – when vehicles like the Ford Mustang Mach-E and Tesla Model 3/Y were in high demand and short supply, which – when coupled with soaring raw materials costs and supply chain issues – made those vehicles far more expensive. However, things have changed in a hurry over the first half of 2023, as supply chain problems ease and production ramps up, all while a bit of an EV price war has erupted at the same time. Now, vehicles like the Ford Mustang Mach-E are readily available with factory incentives to boot, which has now made that particular EV crossover a better lease deal than the Tesla Model 3, according to incentive bulletins seen by CarsDirect.
The 2023 Ford Mustang Mach-E Select, in particular, is currently available with a 10,500 mile-per-year lease deal of $429 for 36 months with $4,790 due at signing, which is available through July 31st. That’s a full $70 less than last month’s lease deal of $499 with $5,279 due at signing, which reduces the effective monthly cost of the lease from $646 per month down to $562 – an $84 difference. Plus, leasing a Mach-E becomes even more attractive for customers that qualify for the current 0 percent lease rate and $1,000 in factory lease cash.
Perhaps more notably, however, that $562 total monthly cost also makes the Ford Mustang Mach-E cheaper to lease than the Tesla Model 3, which is advertised with the same $426 monthly rate, albeit with an upfront cost of $5,624 – which brings its effective monthly total to $585, or $23 per month more than the base Mach-E.
Of course, there are some interesting caveats that emerge when we make this comparison – for starters, the Model 3 is a four-door sedan, while the Mach-E is a crossover that costs roughly $3,000 more, making it a better deal in other aspects. However, the base Mach-E Select also gives up a bit in terms of range – 250 miles versus 272 miles for the base Model 3, but otherwise, it certainly seems like a good time to lease one for those in the market to do so.