The 2023 Ford Mustang Mach-E just got more expensive. Ford recently announced a price increase for the F-150 Lightning electric pickup truck. Now, the automaker’s electric SUV is getting a price bump as well. Just how much money should consumers expect to spend on the Blue Oval’s popular electric SUV model?

How much is the 2023 Ford Mustang Mach-E?

The 2023 Ford Mustang Mach-E starts at $46,895. It costs $48,195 after destination fees. Furthermore, it’s unclear whether or not the latest iteration of the Mach-E is eligible for the federal electric vehicle tax incentive.

If the 2023 Mustang Mach-E benefits from the incentive, it will start closer to $39,395. The Mach-E will cost $40,695 after destination fees if the incentive applies. The Mustang Mach-E’s price hike is bad news for consumers that were interested in the entry-level model because it’s further out of reach.

Motor1 claims that there’s a $3,200 price difference between the 2022 and 2023 base models. Yikes. The new Mach-E model year will have to provide some serious value to justify its hefty new price tag. That value could come in the form of more standard driving range and some mild standard tech upgrades.

The Blue Oval has seen success with the Mach-E nameplate thus far, so it could get away with increasing the price of the EV with little consequence. That being said, recession fears could cause Americans to tighten their belt and decrease spending. There’s no way of telling if this price bump is a good move for Ford yet, but it certainly isn’t welcome news for Mach-E fans.

Is the Mustang Mach-E worth the money?

The Ford Mustang Mach-E is a tricky electric SUV when it comes to affordability because its competitive pricing is reliant on its tax credit eligibility. If consumers can’t claim the tax incentive, then the Mach-E isn’t as affordable as some of its rivals.

The Hyundai Ioniq 5 has a lower starting price, and it’s recognized as the better electric SUV for 2022. Ultimately, the Ford Mustang Mach-E doesn’t provide the most value for the money in its vehicle segment. It offers a decent balance of quickness and range, but there are more affordable options like the Ioniq 5 that provide more value.

The Mach-E is the ideal choice for drivers that prefer quickness and style over affordability and value. So, in short, it may not be worth the money to the average consumer without a huge tax credit.

Why is the Ford Mustang Mach-E so expensive?

The Ford Mustang Mach-E is so expensive because of the price of battery materials. The price of battery materials will continue to increase with demand as automakers introduce new EV nameplates. The Mach-E will likely get even more expensive year after year because of upgrades and supply costs. Car and Driver calls the electric SUV one of the best electric SUVs for 2022.

Read more about the Mustang Mach-E in the next article below.