Ford's Hype-Worthy EV Muscle Car Just Got Way More Affordable
Ford Motor is joining Tesla in cutting the starting prices of its popular electric vehicles (EVs) by thousands of dollars.
Ford Motor is joining Tesla in cutting the starting prices of its popular electric vehicles (EVs) by thousands of dollars. According to CNBC, Ford Motors has lowered prices for its electric Mustang Mach-E (and Fatherly’s 2021 Car of The Year) by up to $4,000. With the price adjustments, the starting price of the Mach-E will now fall between $42,995 and $59,995. The reduction by Ford Motors is the latest price cut in the EV market, following Tesla’s decision to lower the prices of its most popular EV models several times this year.
Tesla lowered its prices several times on certain Tesla models over the past few months, including the Model 3 and Model Y series. The price cuts are likely done to stoke demand, with the automaker dropping prices last week, making the cars less expensive than the average U.S. vehicle, following another price reduction in January. However, the company has slightly raised prices by $250 on both the Model 3 and Y this week. Both Tesla models are still cheaper than they were at the beginning of 2023.
The Ford Motors Mustang Mach-E EV qualifies for the new Electric Vehicle tax credit. The EV tax credit offers up to $7,500 for the purchase of a new electric vehicle that meets certain battery sourcing requirements for people who make under a certain income. Some EVs — like the Mustang Mach-E — qualify for the partial credit of $3,750, because it doesn’t meet all of the new EV requirements.
If you’ve been on the fence about switching to an electric vehicle, you may also want to look into leasing. There’s currently a loophole in the Electric Vehicle Tax Credit that would allow any automaker — whether or not their EVs meet the battery sourcing requirements — that leases out an electric vehicle to be eligible for the full credit.
The lessor can transfer the credit to the person who’s looking to lease the vehicle, and this could apply to any EV, not just those on the small list of qualifying vehicle makes and models.
To see all the models to buy that do qualify for the tax credit, check Fatherly’s full list.