According to research by video producer B Rich on YouTube, the upcoming 2023 Ford F-150 Lightning is going to cost people much more than they might expect. We know Ford is raising the price of its electric pickup truck, but B Rich notes that the potentially higher prices are due in part to the impact of the Inflation Reduction Act of 2022, which includes a new Electric Vehicle (EV) Tax Credit.
We already told you all about the Ford F-150 Lightning's upcoming price hikes. In addition, we shared information from Ford CEO Jim Farley explaining the price increases going forward. Basically, a roughly $6,000 to $8,500 price increase across the lineup was put into place recently for the next wave of orders. Ford says people who placed their orders ahead of the increase will not have to pay extra, though their dealer could add a markup.
In the video above, B Rich briefly explains the changes that will come as a result of the new US federal EV tax credit. More specifically, it gets into the various caps on the price of the vehicles. Due to the $80,000 cap for trucks, none of the 2023 F-150 Lightning electric trucks with the Extended Range battery will qualify for the credit.
The video goes on to look at the prices of each trim level for 2023 compared to 2022, with the official price hikes and the new EV tax credit in mind. Looking at the cheapest option, the electric truck will cost $7,000 more for 2023, which essentially negates the tax credit. Midrange trims tell a similar story, and if you add too many features or extras, the price can climb to over $80,000, which means no tax credit.
There are many important details in the short video, so we'll leave you to watch it. B Rich provided the following chapters in case there's a topic you want to hone in on:
- 0:00 - Intro
- 0:31 - Inflation Reduction Act overview and it's impact.
- 1:05 - Comparing Pro trim 2022 vs 2023
- 1:23 - Comparing XLT trim 2022 vs 2023
- 1:34 - Comparing Lariat trim 2022 vs 2023
- 1:54 - Comparing XLT extended range battery trim 2022 vs 2023
- 2:26 - Comparing Lariat extended range battery trim 2022 vs 2023
- 2:50 - Comparing Platinum trim 2022 vs 2023
- 3:15 - More restrictions in 2024.
- 3:44 - Summary
Once you've had a chance to watch the video, let us know what you think of the analysis by B Rich. Are you a fan of the new US federal EV tax credit? Will it help you afford an EV? If it were up to you, what changes would you make to the credit?