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Average Ford F-150 Payment Dropped Below $900 In Q1 2024

It’s no secret that automotive prices have risen dramatically over the past few years, which – coupled with soaring interest rates – has made the act of purchasing a new vehicle a rather expensive one. As a result of these factors, the average monthly finance payment has risen considerably as well, with more Americans dishing out over $1,000 per month than ever before. However, in Q1 2024, the average Ford F-150 payment actually declined somewhat.

Q1 2024 Experian State Of The Automotive Finance Market Finance And Lease Payments

This information comes to us from Experian’s Q1 2024 State of the Automotive Finance Market report, which found that the average Ford F-150 monthly finance payment in the first quarter of the year was $881, while the average lease payment was $598 – though most customers opted to finance in the past quarter. That makes the Ford F-150 a bit cheaper than its rival, the Chevy Silverado 1500, but this result is notable for one other important reason, too.

In Q3 2023, the average Ford F-150 monthly finance payment was $970, which was $13 less than Q2, and subsequently declined in Q4 2023 as well – to $947, a 2.4 percent drop. While the average F-150 monthly finance payment has now dropped for three consecutive quarters – which coincides with a slight decline in new vehicle average transaction pricing this year so far – figures still remain near historical highs, regardless. However, if pricing continues to drop, it stands to reason that this number could continue to follow suit moving forward, though high interest rates are also helping keep these figures afloat as well.

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. Scott

    ….. I’m wondering if a bigger reason exists for the monthly drop in amount.
    In these first 3 months of the “new year”, many sold models were close to
    the bottom of the option builds and 2023 leftovers. That, and like me, getting
    an F-150 with 1.9% financing sure made a difference. jmo.
    .

    Reply
    1. Josh

      I agree with your analysis. I have only seen XLT and STX on lots for 2024. Maybe a lariat and tremor or two per delaer.

      Reply

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