As Ford Authority recently reported, Ford Mustang Mach-E buyers posted a bit of sharp turnaround over the course of 2024 in terms of how they acquired those EV crossovers. In Q1 2024, 54.31 percent buyers opted to finance that model, while 38.98 percent leased, and 6.71 percent paid cash. That finance rate was among the highest in the segment, trailing only the Ford F-150 Lightning, Chevy Bolt EUV, and Tesla Model X, but in Q3, 55.96 percent opted to lease their Ford Mustang Mach-E, compared to 40.26 percent who financed one and 3.79 percent that paid cash. There are several reasons why this might be the case, including the average monthly payment of that model.
According to Experian’s Q3 2024 State of the Automotive Finance Market report, the Ford Mustang Mach-E was once again among the top 10 most leased EV models on the market, as it accounted for 4.86 percent of that segment – placing it behind the Tesla Model 3 (13.60 percent), Tesla Model Y (9.30 percent), Hyundai Ioniq 5 (6.51 percent), and Honda Prologue (5.11 percent), as well as ahead of the BMW i4 (4.04 percent), Chevy Blazer EV (3.69 percent), Cadillac Lyriq (3.60 percent), Nissan Ariya (3.24 percent), and Kia EV9 (3.04 percent).
Perhaps more interesting is the fact that the average Ford Mustang Mach-E monthly finance payment over that same time frame was $726, which is nearly $200 more than the average lease payment of $530. While this sort of variance is quite common among the top 10 leased EV models in Q3, it demonstrates at least one good reason why many shoppers are choosing to lease these vehicles rather than finance them. On top of that, a slew of recent incentives have helped drive down lease payments, too.
Back in June, leftover 2023 Ford Mustang Mach-E models became eligible for a 41 percent increase in RCL (Red Carpet Lease) Customer Cash, up to $12,000 in certain cases. With a base price of $41,695, that resulted in a lease price as low as $29,945, which was its lowest to date – and payments as low as $392 per month for 36 months with $1,142 due at signing – cheaper than its chief rival, the Tesla Model Y at the time, as well as some Japanese hybrids, too.
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