Over the past few years, new vehicle prices have soared to new record heights, buoyed by supply chain shortages, production issues, and high demand. The market slowly began to correct itself last year, however, and as inventory has improved, average transaction prices for new vehicles continue to decline somewhat. For buyers of the Ford F-150, specifically, that means that the average payment customers are shelling out has declined somewhat as well, according to Experian’s recently-released Q4 2023 State of the Automotive Finance Report.
Back in Q1 2023, the average Ford F-150 monthly finance payment came in at $986 before declining ever so-slightly to $983 in Q2 and then $970 in Q3. However, in the fourth quarter of the year, that downward trend continued, as the average Ford F-150 finance payment came in at $947 – a decline of $23 or around 2.4 percent. As for lease payments, the average Ford F-150 customer in Q4 2023 shelled out far less, however – just $567 per month.
By comparison, one of the F-150’s main rivals – the Chevy Silverado 1500 – closed out the quarter with a lower figure in that regard, as the average customer paid $932 per month to finance that pickup, but also a higher $585 to lease. Both models ranked among the top 10 leased models, however, with the Ford F-150 accounting for 2.25 percent of the overall market, while the Silverado 1500 finished behind it at 2.04 percent.
As Ford Authority previously reported, the Ford brand continues to post some rather high finance rates compared to the competition, as that type of vehicle acquisition accounted for a whopping 80.23 percent of all transactions versus 19.77 percent that opted to lease – one of the more skewed variances in the entire automotive industry, in fact.
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Comments
WOW! No shortage of money with the average American, it seems!
The average American is in debt up to they’re eyeballs and is a fool for paying a house payment for a depreciated truck that has many problems.
I’m lucky enough to make a good income, and I wouldn’t even begin to consider a $900 truck payment. It makes sense for the 10% of people that actually work their trucks, but it’s just wasteful excess otherwise. Foolish.
Yeah, I had a 2019 F150 and I thought $870 per month was steep when I bought it. Can’t imagine buying a new truck anytime soon with those ridiculous prices.
That’s just insane.