As consumers are painfully aware, the act of purchasing a new vehicle is quite a bit more expensive than it used to be, just a couple of years ago. This is due to a variety of factors, as prices have soared to new record levels amid ongoing inflation and supply chain shortages stemming from the COVID-19 pandemic – coupled with high demand – while interest rates also continue to soar thanks to the Federal Reserve, which has done so in an effort to quell inflation. As such, we’ve seen a steady increase in the average consumer’s Ford F-150 monthly payment as well, a trend that continued in Q2 2023, according to Experian’s latest State of the Automotive Finance Market report.
As the vast majority of Blue Oval customers continue to opt to finance their next vehicle acquisition rather than lease, the Ford F-150 also retained its position as the most leased model on the market. However, the amount of money customers dish out for that privilege also continues to grow – reaching $601 per month for lessees in the second quarter, but a whopping $983 per month for those that took out a loan.
Back in the third-quarter of 2022, that same figure came in at $893 per month, though in the first quarter of this year, increased to $986. Thus, we can at least say that the average Ford F-150 monthly payment dropped slightly quarter-over-quarter, but in reality, it isn’t exactly what one might call moving the needle by any means.
However, as Ford Authority reported last October, 36 percent of F-150 owners were paying more than $1,000 per month at that time, which is significantly higher than the 14.3 percent of the total new vehicle market. As a whole, 25 percent of Ford owners – on average – had monthly payments of more than $1,000 as of last October, too.