Used Market Revival: The Ford F-150 Lightning’s Second Wind
Once the top choice for electric pickup enthusiasts, the Ford F-150 Lightning is making waves on the used vehicle market, capturing buyers with its significantly reduced price.
Discounted Prices Drive Demand
With the new F-150 Lightning models no longer in production, the used versions are selling briskly with prices slashed by 50% to 60% from their original sticker price. This resurgence comes after Ford ceased production last December, a move CEO Jim Farley explained was due to sluggish sales of high-end EVs priced between $50,000 and $80,000.
Jimmy Douglas, CEO of wholesale EV dealer Plug, described the used market pricing as hitting a “sweet spot.” He told Bloomberg, “When Ford was selling it brand new, the math was complicated.”
Currently, used Ford F-150 Lightnings sell in about 20 days—less than half the average time for used vehicles in the U.S. As noted by Edmunds.com, the prices have climbed by 4% to around $50,000 since the year began.
Marketplace Dynamics
Interestingly, nearly one-third of these used models are being sold by competing dealerships. These dealers, who would typically return the vehicles to Ford, are opting to sell them directly due to high demand. Alex Lawrence, CEO and cofounder of EV Group, highlighted the difficulty in securing reasonably priced used F-150 Lightnings.
One buyer, Chase Norris from Colorado, regarded the electric pickup as a bargain, acquiring it for approximately $40,000 and hailing it as an upgrade from his gasoline-powered F-150.
Challenges and Future Prospects
The F-150 Lightning mirrors its gas-powered counterpart in appearance and offers benefits like instant torque and zero emissions. However, its initial high price tag dampened sales. Originally launched in 2021 with a base price of $39,974, the price surged to about $60,000 within a year.
Despite the premium pricing, Ford incurred substantial losses, over $100,000 per electric vehicle in early 2024. In response, Ford plans to launch the Fathom, its innovative electric pickup, next year. This model will debut on Ford’s new Universal Electric Vehicle (UEV) platform and is priced to start at $28,350.
The upcoming Fathom promises more interior space than a Toyota RAV4 and will integrate Apple Maps into its navigation system. Initial models spotted charging at Tesla Superchargers suggest it will feature a NACS port.
Ford intends to sell approximately 100,000 Fathoms in its first year, with the launch set for Q4 2027, as confirmed by CEO Jim Farley. He described it as a “breakthrough product” with a price point “perfect for today’s market.”
Consumer Shifts
Some F-150 Lightning owners are already transitioning to more affordable alternatives. For example, a member of the Ford F-150 Lightning Owners Group shared with Torque News that they received nearly the same price from Carvana as they paid new, and are now considering the Rivian R2.
The Rivian R2 Performance, available for order at $57,990, offers a range of up to 330 miles and 656 hp, while the R2 Premium, launching later this year, starts at $53,990. The R2 Standard is expected in Spring 2027 with a starting price of $44,990.
Original Story at electrek.co