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Most Ford F-150 Lightning Customers Financed In Q1 2024

While it has long ranked among the top automotive brands in terms of the percentage of its customers that opt to lease their new vehicle purchase, Ford has also long enjoyed one of the highest financing percentages of any auto brand, too. That trend continued through Q1 2024, when 82.59 percent of Ford customers opted to finance their vehicle purchase, compared to 17.41 percent that chose to lease instead. This was one of the highest finance rates of any automotive brand, behind only Dodge, in fact, and it was also true of one specific model – the Ford F-150 Lightning.

Experian State Of The Automotive Market Q1 2024 EV Finance vs Lease

According to Experian’s Q1 2024 State of the Automotive Finance Market report, 70.06 percent of Ford F-150 Lightning customers opted to finance their EV pickup in the first quarter of the year, compared to the 8.2 percent that leased and 21.74 percent that paid cash. That finance rate was actually the highest in the segment, in fact, while the EV crossover counterpart to the Ford F-150 Lightning – the Ford Mustang Mach-Eranked fourth, too.

After spending quite a bit of time on the market with no incentives available, the Ford F-150 Lightning has since been the recipient of many – in most cases, substantial – discounts, which have also had a tremendously positive impact on sales. In fact, Ford F-150 Lightning sales in Q1 2024 surged by a whopping 80 percent versus the first quarter of 2023.

2024 Ford F-150 Lightning Flash - Exterior 003 - Rear Three Quarters

At the same time, Ford still finished Q1 2024 as the sixth most leased brand by accounting for 5.39 percent of the total market, tying The Blue Oval with BMW in that regard. That did mark a bit of a decline for Ford versus Q4 2023, however, when it ranked fourth among all makes by accounting for 6.18 percent of the total market, prior to which it ranked sixth in Q1 and Q2 2023 before moving up to fifth place in Q3.

We’ll have more data like this to share soon, so be sure and subscribe to Ford Authority for the latest Ford F-Series newsFord F-150 newsF-150 Lightning news, and non-stop 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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