i need serious help on this decision

[nolavet504]

I currently have a 2023 Mustang Mach-E GT that I've had for about a year. I really like it, and I got it at 0% APR. I still owe around $45k on it, and the best offer I’ve gotten for it is $35k, so there’s some negative equity. I’m thinking of upgrading to a Ford Lightning 2024, and here’s the breakdown:

• The Lightning will cost me $71k OTD, factoring in the negative equity from my Mach-E (it’s about $10k rolled over).
• My monthly payment will go up by around $150/month, but my insurance drops by $100/month, so the net increase is about $50/month.

I test drove the Lightning and loved it – the space, the driving experience, everything. But here’s the catch:

1. Negative Equity: I’m worried about the $10k I’m rolling over from my Mach-E. If I don’t love the Lightning in a few years, I might be stuck with it or take a loss when I trade it in.
2. Battery Range: I’ve heard the Lightning’s bigger battery can burn through range quicker, especially compared to my Mach-E. Does anyone with a Lightning feel like it’s a “gas-guzzler” in terms of range, even though it’s electric? I know the battery is bigger, but I’m wondering if it drains faster, especially with some speed and power driving.

I like the idea of the truck, especially for the extra space with my growing family, but I don’t want to make a decision I’ll regret.

What do you all think? Should I make the jump now, or wait until I’m in a better equity position with my current car? i have 3 sons who fit n mach e now but in due time growing i think ill get more use from the truck. family wise and side hustle wise. and ill personally enjoy the new found room for my back and comfortability compared to mach e. 71k for flash with trade dont seem to horrible to me

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[Blochead21]

Buy used if it’s an issue. I would never trade get a new car or truck until my current was paid off though.

 

[Firn]

I currently have a 2023 Mustang Mach-E GT that I've had for about a year. I really like it, and I got it at 0% APR. I still owe around $45k on it, and the best offer I’ve gotten for it is $35k, so there’s some negative equity. I’m thinking of upgrading to a Ford Lightning 2024, and here’s the breakdown:

• The Lightning will cost me $71k OTD, factoring in the negative equity from my Mach-E (it’s about $10k rolled over).
• My monthly payment will go up by around $150/month, but my insurance drops by $100/month, so the net increase is about $50/month.

I test drove the Lightning and loved it – the space, the driving experience, everything. But here’s the catch:

1. Negative Equity: I’m worried about the $10k I’m rolling over from my Mach-E. If I don’t love the Lightning in a few years, I might be stuck with it or take a loss when I trade it in.
2. Battery Range: I’ve heard the Lightning’s bigger battery can burn through range quicker, especially compared to my Mach-E. Does anyone with a Lightning feel like it’s a “gas-guzzler” in terms of range, even though it’s electric? I know the battery is bigger, but I’m wondering if it drains faster, especially with some speed and power driving.

I like the idea of the truck, especially for the extra space with my growing family, but I don’t want to make a decision I’ll regret.

What do you all think? Should I make the jump now, or wait until I’m in a better equity position with my current car? i have 3 sons who fit n mach e now but in due time growing i think ill get more use from the truck. family wise and side hustle wise. and ill personally enjoy the new found room for my back and comfortability compared to mach e. 71k for flash with trade dont seem to horrible to me

Depreciation on the Lightning is pretty brutal from what I have seen. You could be sitting on $25k of negative equity by next year.

Nor is the lightning efficient. It does well enough, I don't consider it a gas guzzler, but it burns through electrons and does so even faster as speed increases. I don't think it's much worse than the other trucks, but I have heard that the Silverado EV doesn't take as big of a hit as speed increases. Nominal range is 320 miles, on the highway I get about 2 hours of driving between charging stops, thats about 150 miles. A BIG part of that is not using the full capacity, I typically run between 15% and 80% when traveling, but speed is also an impact. For a truck rated at 2.4mi/kwh, at 75 that's closer to 1.8-1.9mi/kwh. Those numbers bring the full range down from 320 to just under 250, and that's before weather, with 20 F temps bringing that 1.9 down to 1.4-1.5mi/kwh at 75mph, or just under 200 miles max range (140mi 10%-80%).

 

[Brandaman37]

I currently have a 2023 Mustang Mach-E GT that I've had for about a year. I really like it, and I got it at 0% APR. I still owe around $45k on it, and the best offer I’ve gotten for it is $35k, so there’s some negative equity. I’m thinking of upgrading to a Ford Lightning 2024, and here’s the breakdown:

• The Lightning will cost me $71k OTD, factoring in the negative equity from my Mach-E (it’s about $10k rolled over).
• My monthly payment will go up by around $150/month, but my insurance drops by $100/month, so the net increase is about $50/month.

I test drove the Lightning and loved it – the space, the driving experience, everything. But here’s the catch:

1. Negative Equity: I’m worried about the $10k I’m rolling over from my Mach-E. If I don’t love the Lightning in a few years, I might be stuck with it or take a loss when I trade it in.
2. Battery Range: I’ve heard the Lightning’s bigger battery can burn through range quicker, especially compared to my Mach-E. Does anyone with a Lightning feel like it’s a “gas-guzzler” in terms of range, even though it’s electric? I know the battery is bigger, but I’m wondering if it drains faster, especially with some speed and power driving.

I like the idea of the truck, especially for the extra space with my growing family, but I don’t want to make a decision I’ll regret.

What do you all think? Should I make the jump now, or wait until I’m in a better equity position with my current car? i have 3 sons who fit n mach e now but in due time growing i think ill get more use from the truck. family wise and side hustle wise. and ill personally enjoy the new found room for my back and comfortability compared to mach e. 71k for flash with trade dont seem to horrible to me

I bought my 2023 Lightning Lariat Extended Range in May. Barely have 2900 miles on it. My commute is 3 miles round trip and I have a second vehicle. I've enjoyed the fun with the Lightning but considered going back to gas truck(maybe a hybrid) dealers want to scalp me on trade in value, but maybe we could find a deal if you were to private sell your vehicle and then get a loan to buy my truck! I bought floor mats, bed mat, ford roll up tonneau cover, center console cushion, snap in front license plate holder, tinted the windows, led light bar for additional tail light lighting (still in box) and keep it washed at least once a week. I'm located in Pasadena, MD if you're interested and can send pictures.

P.s. I have a wall charger and the ford level 2 80 amp charger un-installed($1300 value). I haven't received the fast adapter yet for tesla level 3 charging, but I can easily send that when it comes in.

 

[F150ROD]

I currently have a 2023 Mustang Mach-E GT that I've had for about a year. I really like it, and I got it at 0% APR. I still owe around $45k on it, and the best offer I’ve gotten for it is $35k, so there’s some negative equity. I’m thinking of upgrading to a Ford Lightning 2024, and here’s the breakdown:

• The Lightning will cost me $71k OTD, factoring in the negative equity from my Mach-E (it’s about $10k rolled over).
• My monthly payment will go up by around $150/month, but my insurance drops by $100/month, so the net increase is about $50/month.

I test drove the Lightning and loved it – the space, the driving experience, everything. But here’s the catch:

1. Negative Equity: I’m worried about the $10k I’m rolling over from my Mach-E. If I don’t love the Lightning in a few years, I might be stuck with it or take a loss when I trade it in.
2. Battery Range: I’ve heard the Lightning’s bigger battery can burn through range quicker, especially compared to my Mach-E. Does anyone with a Lightning feel like it’s a “gas-guzzler” in terms of range, even though it’s electric? I know the battery is bigger, but I’m wondering if it drains faster, especially with some speed and power driving.

I like the idea of the truck, especially for the extra space with my growing family, but I don’t want to make a decision I’ll regret.

What do you all think? Should I make the jump now, or wait until I’m in a better equity position with my current car? i have 3 sons who fit n mach e now but in due time growing i think ill get more use from the truck. family wise and side hustle wise. and ill personally enjoy the new found room for my back and comfortability compared to mach e. 71k for flash with trade dont seem to horrible to me

You’re Lightning will be worth $50k as soon as you drive off. Keep the Mach-E.

 

[Henry Ford]

Keep the MachE or wait for a better (used) deal.

If you are looking for financial advice, stop thinking in terms of monthly payments, start thinking in terms of total cost of ownership. You are mostly there but need to consider depreciation of the Lightning in your calculations.

What is the Lightning going to do that the MachE doesn't? You've only mentioned the big back seat for the future. Both vehicles have five seats. If your family is still growing a Lightning doesn't solve that problem. In my experience, space becomes less an issue once kids are out of car seats and boosters.

Presumably you'll have more money in the future. If you don't see this for yourself figure out why and do something about it. Having more money solves a lot of money issues. It sounds stupid but it's very true.

 

[RickLightning]

2. Battery Range: I’ve heard the Lightning’s bigger battery can burn through range quicker, especially compared to my Mach-E. Does anyone with a Lightning feel like it’s a “gas-guzzler” in terms of range, even though it’s electric? I know the battery is bigger, but I’m wondering if it drains faster, especially with some speed and power driving.

You should not buy the Lightning.

Why? I would say the main reason is a totally unrealistic expectation or understanding as to the efficiency of a TRUCK as compared to a CAR. Why do you think the Lightning battery is 44% bigger than the Mach-E battery (ER to ER)? Because the truck is 40% less efficient. It is a brick.

On the highway in the summer, I get at best 2.9 miles per kWh with my Mach-E. With the truck, at best, I get 1.9. 1.9/2.9=34.5% worse efficiency.

My lifetime on the car (which reset once due to Ford) is 2.8. Truck is 1.9. 1.9/2.8=32% worse efficiency.

Second reason is that IMO, no one should buy a vehicle and carry negative equity. You are willing to do it, and then likely will do it in a year or two again.

 

[21st Century Truck]

I also moved up from the Mach E (Premium Tech ER AWD trim) to the Lightning.

I did it though because the Mach E's front motor failed... twice. Both times replaced under warranty and promptly , but the powertrain warranty was about to run out this year, and...

They are very different vehicles, and they drive very differently, and their relative efficiency is a bit hard to compare... my Lightning ER's really big battery lasts about as long, or a bit less in miles, than that Mach E's ER battery did.

So, if You want to trade then IMHO You should do it primarily because the Lightning is a much, much more multi-utility vehicle than the fun-as-hell, racy, more single-purpose Mach E is. Including in consideration of needs for a growing family.

I would advise against doing it to "save money". In other words, move on up for greater ease of living if You can afford it without blinking at Your wallet. Otherwise, IMHO keep the perfectly good Mach E and put up with its quirks and physical limits.

Good Luck!

 

[Lightning&Bolt]

Sounds like you want one but need one. Throwing a minimum of $10k out the window due to trade is a terrible financial decision.

My advice: Enjoy your MachE and upgrade to a truck in future when you have equity in it. Chances are most us with Lightnings will be jealous of your new truck, it’s features, and its cheaper cost.

 

[Pioneer74]

Battery Range: I’ve heard the Lightning’s bigger battery can burn through range quicker, especially compared to my Mach-E. Does anyone with a Lightning feel like it’s a “gas-guzzler” in terms of range, even though it’s electric? I know the battery is bigger, but I’m wondering if it drains faster, especially with some speed and power driving.

I have a Lightning Lariat and a Mach-E Premium. You can get about the same range from a full battery on each at highway speeds. The difference is, the Mach-E has a 91kWh battery and the Lightning is 131kWh. So, without any scientific experimentation, you can deduce that the Lightning, at freeway speeds, is about 30% less efficient than the Mach-E.

And the faster you go over about 60 to 65 MPH, the greater that number will be. The Lightning is a brick.

Is that a "gas guzzler" in your mind? Only you can decide.

 

[kf59]

I currently have a 2023 Mustang Mach-E GT that I've had for about a year. I really like it, and I got it at 0% APR. I still owe around $45k on it, and the best offer I’ve gotten for it is $35k, so there’s some negative equity. I’m thinking of upgrading to a Ford Lightning 2024, and here’s the breakdown:

• The Lightning will cost me $71k OTD, factoring in the negative equity from my Mach-E (it’s about $10k rolled over).
• My monthly payment will go up by around $150/month, but my insurance drops by $100/month, so the net increase is about $50/month.

I test drove the Lightning and loved it – the space, the driving experience, everything. But here’s the catch:

1. Negative Equity: I’m worried about the $10k I’m rolling over from my Mach-E. If I don’t love the Lightning in a few years, I might be stuck with it or take a loss when I trade it in.
2. Battery Range: I’ve heard the Lightning’s bigger battery can burn through range quicker, especially compared to my Mach-E. Does anyone with a Lightning feel like it’s a “gas-guzzler” in terms of range, even though it’s electric? I know the battery is bigger, but I’m wondering if it drains faster, especially with some speed and power driving.

I like the idea of the truck, especially for the extra space with my growing family, but I don’t want to make a decision I’ll regret.

What do you all think? Should I make the jump now, or wait until I’m in a better equity position with my current car? i have 3 sons who fit n mach e now but in due time growing i think ill get more use from the truck. family wise and side hustle wise. and ill personally enjoy the new found room for my back and comfortability compared to mach e. 71k for flash with trade dont seem to horrible to me

Everyone wants a truck but not everyone needs a truck. It sounds like you may eventually need a bigger care for a growing family. If you want to stay electric, then check out the Toyota bZ4X. Likely, holds its value a bit better but lower range than your mustang. It also sounds like this is not an urgent need so perhaps you should stick with the mustang and let the technology improve for a couple of years.

 

[Scott Libre]

I have definitely taken hits on early trade-ins. Will the Flash qualify for the government tax rebate for $7500?

I love my 22 Mach e Premium. My wife's 23 Lightning Lariat is nice. Tough choice.

 

[SpaceEVDriver]

We own one of each: Lariat ER (320 miles EPA range) and CA Rt-1, AWD ER (312 miles EPA range).

We get at least the EPA range on both. But we don't drive either like a GT. You may find you drive the Lightning more like a GT than you do the GT.

As stated above, the Lightning is decidedly less efficient. We choose the Lightning for road trips because it's much more comfortable.

Given your financial numbers, it sounds like you may be hoping for someone to tell you there's a good deal on the table. IMO, there is not.

I wouldn't do that trade. I would probably keep the Mustang for at least a few more years so the regular depreciation normalizes and you're not looking at the massive cliff of first year depreciation. And with a 0% APR, you're basically only paying for the car and its depreciation, not interest on it as well. That's a pretty good deal right there.

If I had to have the Lightning, I would wait for a better deal. Ford Truck Month comes around in February/March. You may be able to save yourself a fair amount by waiting.

Keep in mind that a vehicle is never an appreciating asset--you should always expect to take a loss, from the moment you sign. But you might as well minimize that loss if possible.

 

[B177y]

I was in the exact same situation you are with one minor difference, I had an old F350 that I used to tow and do truck stuff with that I sold to cover the MME negative equity. I folded two vehicles into one by purchasing the Lightning.

I went with a loaded Pro trim Lightning, which was a few thousand less than a Flash, but still has the extended battery, max-tow and tow tech, 360 cameras, and 9.6kW pro power.

My MME was a '23 CR1, so it was the highest efficiency AWD MME available. Regular efficiency in the 3.2 MPK range. Lightning efficiency so far since the last week of Sept is 2.2MPK. I already have over 10,000 miles on the Lightning in less than 4 months of cool-cold weather. I assume my efficiency in the Lightning will increase slightly as the weather warms. I miss the MME sometimes, but the Lightning is more comfortable and has the truck capability. It's nice not having an old truck that just sits around most of the time waiting for a trip or errand and that needed constant maintenance and frequent repairs.

Financially, I justified everything with the 0% 5-year loans on both vehicles. I planned to keep the MME, but there was a window of state and federal rebates that I took advantage of to go to the Lightning.

 

[flyct]

I bought my 2023 Lightning Lariat Extended Range in May. Barely have 2900 miles on it. My commute is 3 miles round trip and I have a second vehicle. I've enjoyed the fun with the Lightning but considered going back to gas truck(maybe a hybrid) dealers want to scalp me on trade in value, but maybe we could find a deal if you were to private sell your vehicle and then get a loan to buy my truck! I bought floor mats, bed mat, ford roll up tonneau cover, center console cushion, snap in front license plate holder, tinted the windows, led light bar for additional tail light lighting (still in box) and keep it washed at least once a week. I'm located in Pasadena, MD if you're interested and can send pictures.

P.s. I have a wall charger and the ford level 2 80 amp charger un-installed($1300 value). I haven't received the fast adapter yet for tesla level 3 charging, but I can easily send that when it comes in.

I agree that buying a lightly used 23 Lariat ER is the best option right now for most people. But OP‘s problem is he’s upside down by $10k, so when selling his vehicle privately he would have to come up with $10k cash which may not be possible for him. His “solution” is to roll the negative equity into another new vehicle purchase which would put him even more upside down. Bad move!

The trap that people get into sucked into is financing a fast depreciating vehicle with little to no down payment with a term of 6+ years. The 0% sucks them in. They primarily think about I’m not paying any interest and how much a month rather than being upside down for four or five years.

If he needs/wants a Lightning your suggestion makes sense. But he would need to come up with the $10k to get out of the MME and to finance a Lightning at used car rates, not 0%. and possibly come up with a down payment on the used truck.

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