In the fourth quarter of 2023, Ford remained one of the most leased brands in the U.S. by accounting for 6.18 percent of the total market – the fourth highest percentage overall, in fact. However, at the same time, the vast majority of Ford’s customers opted to finance their new vehicle purchase in Q4 as well – 80.23 percent versus 19.77 percent that chose to lease. When it comes to EVs, that trend held true as well, though only for the Ford Mustang Mach-E and some of its rivals – according to Experian’s latest State of the Automotive Finance Report.
According to this new data, 51.56 percent of Ford Mustang Mach-E customers in Q4 2023 financed their new vehicle purchase, compared to 38.74 percent who leased and 9.7 percent who paid cash. This was also true of the Tesla Model Y, which touted a 59.39 percent finance versus 8.93 percent lease and 31.68 percent cash mix. However, it is worth noting that Tesla only currently offers leases in select U.S. states, as is the case with Rivian.
Regardless, this isn’t true of most of the rest of the Ford Mustang Mach-E EV crossover’s rivals, including the Volkswagen ID.4 (16.26 percent finance rate), the Hyundai Ioniq 5 (37.92 percent), Nissan Ariya (18.64 percent), and Kia EV6 (30.67 percent). As Ford Authority reported back in December, the Mach-E was previously eligible for a number of enticing discounts that could have contributed to this high percentage of loans as well, including low-interest financing plus Bonus Cash and a $3,000 Bonus Cash offer toward extended-range models, not to mention the $7,500 federal clean energy credit that it was previously eligible for, to boot.
Meanwhile, the Ford Mustang Mach-E also continues to rank among the top-selling EVs on the market after landing in the top 10 last year as a whole and also accounting for 3.44 percent of total sales in Q4 2023.
We’ll have more lease data to share soon, so be sure and subscribe to Ford Authority for comprehensive Ford news coverage.
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Have 2 ev at 75 a 2021 mach e GTPE and 2023 Model Y AWD long range both different but both fast, quiet, comfortable and only $110 in electric a month saving over $250 from our 2 gas models. GTPE is our true muscle ev and model Y our excellent trip ev. Summer range GTPE 280 miles and model Y 328 miles. Drops in winter by 20 to 28%. Both are excellent ev that perform as advertised.