Ford Incentive Announcement Means the 2023 Mustang Mach-E EV Is in Trouble
Ford announced today that it is offering several incentives to help encourage sales of its 2023 Mustang Mach-E EV. The significance is that at one time, Ford couldn’t build them fast enough. Now, sales have fallen off a cliff. And Mach-E dealers are not ordering them nearly at the amounts they did since its inception in 2021.
Sales are slumping almost 40% from this time last year. Through July 2023, Mach-E sales are down to under 10,000. And again, that’s for all of 2023 so far, according to Axios.
How are EV sales in the U.S.?
While Tesla continues to dominate EV sales, GM can’t seem to get any out the door. Stellantis and several other brands don’t even have EVs, and now Ford, which has the electric F-150 Lightning to go with the Mach-E, seems to have hit an impasse, or worse.
While some of this is “inside baseball” stuff, what this means for those out there looking for an EV is that with the situation being what it is, EV deals are here, with more forthcoming. There are only two things that carmakers can do in situations like this: drive them off a cliff or discount the Hell out of them.
Ford’s Mach-E incentives are twofold. Buyers can opt for Bonus Cash, and there is also low-interest financing, both typical lures banging around slow car sales for decades. The finance packages vary from state to state, but all offer 0% financing.
What are the Mustang Mach-E incentives in various states?
Some states, like California and New York, waive signing down payments. Los Angeles is also offering 2.9% APR financing for a 60-month loan. Miami, Florida, is offering similar financing deals. These incentives run through the balance of August and all of September.
Ford’s MSRP for the 2023 Mustang Mach-E starts at $45,340 for the base Select trim. It bumps up to $49,265 for the Premium trim, $58,915 for the California Route 1 package, and $62,140 for the GT trim. However, it is doubtful dealers are selling Mach-Es at MSRP, primarily due to the EV price wars kicked off by Tesla beginning this year.
Does Ford offer other Mach-E incentives??
Tesla’s price cutting has not been good for other EV automakers, who began slashing prices in response. As Tesla continues to lower prices, it is boosting EV car buying markedly. The constant mantra has been for an affordable EV in the marketplace. That is mostly taken up by the Nissan Leaf and Chevrolet Bolt. The EV price slashing has borne out that lower prices will and are invigorating EV sales for some manufacturers.
Overall, the Mach-E incentives should help spice up sales, but keep in mind that not everyone will qualify for Ford’s Red Carpet Lease offers or financing. The other thing is that there is probably more being offered to dealers that may or may not get passed on to potential customers.
So remember, Ford has an over 90-day supply of Mach-Es and needs to move that metal. That puts you in the driver’s seat to negotiate an electrified deal.