As the average transaction price of new vehicles has increased exponentially in recent years, so have average monthly payments on those vehicles, even as terms continue to stretch longer and longer. In fact, in Q1 of 2023, the average monthly payment on the Ford F-150, specifically, came in at $986, a number that declined every so slightly to $983 in the second quarter – though that’s obviously still far higher than the $893 per month it was back as recently as Q3 2022. Now that the third quarter of 2023 is in our proverbial rear-view mirror, Experian’s Q3 2023 State of the Automotive Finance Market Report reveals that the average Ford F-150 monthly payment declined slightly once again over that particular time frame, too.
The average monthly loan payment for the Ford F-150 in Q3 2023 was $970, which is $13 less than Q2, though it’s still a rather high number by any measure, regardless. In fact, it’s higher than any other vehicle that also landed on the most leased list in the third quarter, ranking ahead of one of its chief rivals at the same time – the Chevy Silverado 1500, which came in at $896 per month. By comparison, the average lease payment for a Ford F-150 was far less at $594 per month in Q3.
While the average F-150 monthly finance payment has now dropped for two consecutive quarters – which coincides with a slight drop in new vehicle average transaction pricing this year so far – figures still remain near historical highs, regardless. However, if pricing continues to decline, it stands to reason that this number could continue to drop moving forward, though high interest rates are also helping keep these figures afloat as well.