Ford Authority

2023 Ford F-150 Lightning Cheaper Than ICE Over Five Years

From the day the Ford F-150 Lightning debuted years ago, The Blue Oval was quick to tout the fact that the all-electric version of its popular pickup offered customers lower operating costs than the ICE alternative. That claim has since been backed up by a handful of studies, while the Ford F-150 Lightning also earned a 2023 Five-Year Cost to Own Award from Kelley Blue Book for this very same reason. Now, a new study from Vincentric has found that the 2023 Ford F-150 Lightning is projected to have cheaper operating costs than its ICE equivalent over five years, too.

2023 Ford F-150 Lightning Pro - Exterior 001 - Front Three Quarters

Vincentric’s 2024 Electric Vehicle (EV) Cost of Ownership Analysis found that the 2023 Ford F-150 Lightning Pro, specifically, is projected to be $16,231 cheaper to operate than a 2023 Ford F-150 XL SuperCrew model equipped with the turbocharged 2.7L V6 EcoBoost powerplant – the fifth highest savings of any vehicle in the study. This study takes into account MSRPs of $44,490 for the F-150 Lightning and $47,990 for the regular F-150, which resulted in five-year ownership cost totals of $56,238 and $72,469, respectively. The Ford F-150 Lightning was also the eighth cheapest EV to operate in this study, to boot.

In terms of the total market, Vincentric found that 20 out of 41 EVs on sale today – or 49 percent – offer customers a lower five-year cost of ownership than their gas-powered counterparts, which is actually a bit lower than 52 percent in last year’s version of the same study. This study takes into account eight cost factors – depreciation, fees and taxes, financing, fuel, insurance, maintenance, opportunity cost, and repairs. EVs present owners with big advantages in terms of fuel and maintenance costs, but as Vincentric points out, EVs are also currently depreciating as a far quicker rate than their ICE equivalents, which somewhat mitigates that advantage.

“With the cost of living on the rise, many American consumers are looking for ways to stretch their money. This means that buyers may be hesitant to consider an EV when many of them have a significantly higher purchase price than a comparable gas vehicle,” said David Wurster, Vincentric President. “This is why it’s critical for consumers and the auto industry to understand the full financial benefits and detriments of EVs. Our study found that 49 percent of the EVs analyzed will save buyers money over five years, despite their oftentimes higher sticker price and so few of them qualifying for the new federal rebate. The latest Vincentric study contains insights that can help consumers determine if an EV makes financial sense for their unique situation.”

We’ll have more on the Ford F-150 Lightning soon, so subscribe to Ford Authority for the latest Ford F-150 Lightning news and continuous 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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  1. StarLord

    Yes but what will the resale value be on a Lighting in 5 years?

  2. Al

    Depreciation cost has to really grow as you near the 10 year mark because you are getting close to replacing the battery at an enormous cost. Battery replacement and miles on a charge are the big issues they need to overcome to compete with ICE vehicles.

  3. Larry

    That is pure nonsense. Whose paying who to make this kind of report?
    EVs won’t be doing much in 5 years, ICE will regain the lead with new technology.

  4. Matt

    Let’s jump that up to 20 years. That’s how long I generally keep mine. Have a 04 sporttrac with 135k and the wife has an 03 GT Mustang with 125k. Nothing major to either one. I don’t think current generation anything will last 20 years though.

    1. Mike

      I’m saving $5k+ a year on gas. That’s factoring in the $1200 annual increase in my electric bill. If my Lightning lasts eight years then it paid for itself in gas saving. I don’t care if it’s completely worthless at that point. I already won.
      You obviously don’t drive much. I put 250k miles on my last truck in six years. The math might not make sense to you but it certainly does for me. It would have been dumb for me not to buy the Lightning.

  5. Shawn

    We put in 3.6kw of panels and 10kw of batteries when we bought our Lightning. In 5 years, that system will have paid for itself. Then we’ll have free fuel for the remaining life of the panels and batteries, or likely, 15 years +. With a recent Lightning hitting over 90k in miles with only 3% battery degradation, the Lightning will appear to last us 20 years+ with limited range loss.


    The realty is that each potential buyer should do the math to decide is EV ownership will benefit them.

  7. David Dickinson II

    Factor in the $65k loss that Ford is eating on every EV sale, and the total cost of the EV is much, much greater. How much of an ICE sale is subsidizing the production of an EV? How much money is subsidizing the EV from tax credits and government freebies? Let’s see a total comparison of the cost of production and maintenance of EVs versus ICEs to see the true cost. Everything about “going green” means you will pay more. EVs are no exception.

  8. Julian Digby Bottin

    You have to factor in long term resale value, long term maintenance (for people owning over 10-20 years

    and also, if you only ise the truck sometimes.

    My grandfather’s 2018 F150 he bought used for $25k amd it had like 20k miles at the time..
    has only driven about 3k miles since then, we will keep the truck for the next 50 years as a family…try that with the lightning


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