The order books are now open for the brand-new Ford Mustang Mach-E all-electric crossover. However, it won't come to market until the end of the year, and most people won't take delivery of their cars until at least early 2021. Still, Ford is already offering incentives on the car in the midst of reports that dealers are charging well over MSRP.
UPDATE: Ford's Mach-E deals now includes the GT.
According to CarsDirect, Ford and its financing arm have already sent bulletins to dealers with APR deals and lease incentives. In addition, there are rebates of $1,000 and up to $2,500, though the information on that is not clear. We do know that they aren't available in all areas. Earlier reports pointed to Ford offering employee pricing incentives on the Mach-E as well.
The most recent incentive is 5.9% APR for 84 months through Ford Credit in most areas of the country. If you'd rather have a better rate and a shorter loan term, you can choose 0.9% APR for up to 48 months, 1.9% for 60 months, 3.9% for 72 months, or 4.9% for 75 months.
Choosing the 84-month deal will cost you over $10,000 in interest, though the monthly payment would come in around $650. Opting for the 0.9% APR means only $832 in interest, which is massive savings. However, since the term is only 48 months, you're looking at a payment over $950.
For people planning on leasing the Mustang Mach-E, the current rates aren't as attractive. CarsDirect says the lease rate "is equivalent to 2.25% APR with 36 and 48-month lease options." That doesn't mean the lease deal will be bad, but until we have more details like residual values, we won't know for sure.
We also don't know what Ford's plan is related to leases and the U.S. federal EV tax credit. Its primary rival, the Tesla Model Y, is no longer eligible for the credit. While Tesla doesn't offer any such incentives, currently you can finance a Model Y for 72 months at 2.49% APR.
Sources: CarsDirect, CarsDirect 2, Cars Direct 3