New to EV, Lease Deal Question

[LHoffmanjr22]

Hello!

I currently own a 2021 F150 Powerboost, and looking to move into the Lightning. I found a 2023 Lightning XLT with extended range battery and max tow. I am looking to lease, and the dealership is able to get me to $689 a month with no money down. I am truly shocked at the overall price of trucks since I last leased, so my past knowledge isn't helping me much here.

Is this a deal that seems worth it? I know the 2024's got some updates, and I was really interested in those. But the lease prices I am getting from a different dealership are all within the mid to high $700 range for leases with no money down. Anyone who's purchased recently that can give some insight into these being at least a decent deal where I am not getting screwed? Thanks!

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[farmtruck]

This isn't an answer to your money question, but I like my lease. When the battery warranty expires, I won't own this vehicle and the battery will cost more than the vehicle will be worth.
I do like the Lightning and will lease again in the future.

 

[Grease Lightning]

Hello!

I currently own a 2021 F150 Powerboost, and looking to move into the Lightning. I found a 2023 Lightning XLT with extended range battery and max tow. I am looking to lease, and the dealership is able to get me to $689 a month with no money down. I am truly shocked at the overall price of trucks since I last leased, so my past knowledge isn't helping me much here.

Is this a deal that seems worth it? I know the 2024's got some updates, and I was really interested in those. But the lease prices I am getting from a different dealership are all within the mid to high $700 range for leases with no money down. Anyone who's purchased recently that can give some insight into these being at least a decent deal where I am not getting screwed? Thanks!

Is it a great deal, well no. Is it currently cheaper than a loan for the same truck, yep.

So you have to decide if you was to pay rent or rent to own. While most leases allow you to purchase at the end, you are not obligated. Where at a purchase you are on the hook until it is paid off or sold, so it comes down to your wants.

With the large amount of depreciation, leasing a Lightning might make a lot of sense. Taking out the tax credit, my Lightning has depreciated $1,000 a month over the year I have owned it. So in addition to the almost $1,000 a month payment, I am out around $1900 a month to drive the exact same truck you are looking at renting for $650.

so yeah a good deal if you want to swap in 3- years

 

[LHoffmanjr22]

Is it a great deal, well no. Is it currently cheaper than a loan for the same truck, yep.

So you have to decide if you was to pay rent or rent to own. While most leases allow you to purchase at the end, you are not obligated. Where at a purchase you are on the hook until it is paid off or sold, so it comes down to your wants.

With the large amount of depreciation, leasing a Lightning might make a lot of sense. Taking out the tax credit, my Lightning has depreciated $1,000 a month over the year I have owned it. So in addition to the almost $1,000 a month payment, I am out around $1900 a month to drive the exact same truck you are looking at renting for $650.

so yeah a good deal if you want to swap in 3- years

Thanks for the insight! I really did want to actually buy a truck this time around, but with prices the way they are I could't afford anything but a basic work truck. And while I respect those and know they are important, it's not something I want to daily drive. I do like the EV route, and driving a Lightning convinced me that it's a good choice. The advantages to leasing an EV are clear, and I don't know if I would commit to buying one with a traditional loan even if I had the money.

I am looking to see if anyone had any recent experience either leasing a '23 or '24 and seeing if their monthly payment quote is on par with what others are paying.

 

[PA Lightning]

You have to break the numbers to see if you are getting a good deal.

What is the MSRP
What is the selling price (It's a lease, but there is a selling price)
What is the money factor
What is the term of the lease and the mileage limit
Is the price quoted an OTD lease price or are taxes going to be added. In PA it is 9%
If you are trading in a vehicle, how are they valuing your trade.

There are a lot of good YouTube videos walking you through how to lease a vehicle and how to determine if you are getting a fair deal.

 

[flyct]

To answer if it’s a good deal we would need to know the following

MSRP
Cap Cost
money factor
residual %
is dealer passing on all of the tax credit?
miles per year allowed
Charge per mile if going over annual miles
acquisition fee
disposition fee

 

[MrLoganRoss]

No need to guess on lease deals:

https://www.f150lightningforum.com/...or-interest-rate-on-a-lease.21149/post-416725

 

[invertedspear]

To answer if it’s a good deal we would need to know the following

If the dealership let's you do it, it's in their best interest, not yours. Leasing is almost never a better deal than buying. However it may suit someone's personal car shopping habits better than buying for whatever reason, but purely from a financial perspective, you're probably better off buying it, then selling it in 3 years or whatever.

Dealership is betting (with a lot of corroborating data backing it up) that the value will be there in three years to sell it on their used lot. Trust their data and plan to resell it yourself in that time.

 

[MrLoganRoss]

There is no general rule about leasing. It all depends on the specific deal. I have leased many cars with the plan to buy out because it resulted in savings. The issue is that leases are cryptic and so it is much harder to determine what your deal is.

There are tools though.

I bought my Mach-e because that was the better deal. I am leasing my lightning and will buy it out at the end because that was the better deal.

There are no bright line rules

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