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Ford Authority

Average Ford F-150 Monthly Payment Near $1,000 In Q2 2023

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.

We’ll have more insights like this to share soon, so be sure and subscribe to Ford Authority for the latest Ford F-Series newsFord F-150 news, and ongoing Ford news coverage.

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.

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Comments

  1. IRS Agent 32

    I have no clue how people afford these things, if they are paying 1k monthly. If you have to lease or get a car loan, you shouldn’t be buying a new vehicle.

    Reply
  2. Mf

    They can’t. That’s the underlying issue here.

    I don’t agree that if you need a loan you can’t afford a new car, but I do think the pricing on these trucks and vehicles has gotten out of reality.

    Reply
  3. Al

    But where’s the breaking point? When will people say enough is enough? Prices seem to go up quarterly and I doubt salaries are. When I’m out on the road, all I see is full-size pickups and SUVs.

    Reply
    1. Mf

      I think we basically are there. New sales have dropped off a cliff. Used cars are only selling when they’re cheap and finaceable. Trucks are piling up on lots, without incentives to move them. Most dealers around me are discounting what they can, but that difference between MSRP and invoice doesnt really make a big difference.

      I predict some pretty major incentives to move vehicles coming. The 23s are going to be an especially hard sell with all their deleted content.

      I know of several people in the same position as me who are ready to buy new high dollar trucks, but refuse to until the incentives return.

      Reply

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