2023 Ford Mustang Mach-E Up To $13K Cheaper With Discounts, Tax Credit

The Mustang Mach-E GT's price drops from $60,000 to $47,000 with new discounts combined with the $3,750 federal tax credit.

By: Dan Mihalascu

Oct 24, 2023 at 8:24am ET

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If the Mustang Mach-E is on your EV shortlist, now may be a good time to buy one because Ford has introduced several interesting discounts.

The Mach-E now offers as much as $13,000 in savings, with all versions of the electric crossover now featuring big discounts for either buying or leasing. Combined with the federal tax credit and a hidden dealer incentive, customers can get some of the best deals on a Mach-E yet.

According to a bulletin sent to Ford dealers earlier this month and seen by Cars Direct, the automaker is offering $6,250 in Retail Customer Cash on the 2023 Mustang Mach-E GT range-topping model. The offer runs through January 2 and when combined with a potential $3,750 tax credit, it leads to up to $10,000 in savings.

We should point out that savings vary based on the trim. The Mach-E Premium and California Route 1 each offer a $4,250 rebate as part of these national incentives, while the entry-level Select trim only comes with a $1,250 discount.

Now, if you're among those customers who ordered a Mach-E before May 1, Ford also introduced a hidden discount in early October that offers an additional $3,000 dealer cash on Select and GT trims. As a result, a customer could get a significant discount of up to $13,000 for a brand-new Mustang Mach-E, which drops the actual cost from $60,000 to $47,000.

For the Mach-E Premium and California Route 1, the hidden discount is $2,000, though. Based on Cars Direct's analysis, the incentives can be stacked.

For customers who are looking to lease, Ford Credit is now offering $6,250 in Red Carpet Lease Customer cash on 2023 Mach-E leases. That said, you should know that dealers can opt not to pass along dealer cash and keep it as a profit.

In addition to Ford Credit's Red Carpet Lease Customer cash, Ford is offering a dealer cash discount for Mach-E leases of just $1,000 across all Mustang Mach-E trims.

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Factor in the fact that competitors offer much better monthly lease payments – the Tesla Model Y can be had for just $399 a month – making the Mach-E less attractive to lease.

The new Mustang Mach-E deals come shortly after Ford introduced a $7,500 discount on the F-150 Lightning earlier this month for both purchase and lease. With the potential $7,500 tax credit, this means that shoppers can save up to $15,000 on an F-150 Lightning.