The Ford F-150 Lightning is getting more affordable: discounts of up to $15,000 on select models | Taza Khabre

Key findings

  • Get the 2023 Ford F-150 Lightning now to save up to $15,000 with amazing rebates and federal tax credits from Ford.
  • The discount only applies to 2023 models, including the XLT Extended Range, if purchased before April 2, 2024.
  • Eligible customers can now reduce the initial cost by passing on dealer tax credits when purchasing their brand new Ford EV truck.


For drivers who plan to switch to electric cars, Ford F-150 Lightning is an attractive option. However, its price may scare off some potential buyers. Nonetheless, Ford offers attractive incentives to buyers of the 2023 F-150 Lightning, including discounts up to $15,000 on select models.



Up to $15,000 in rebates on 2023 Ford F-150 Lightning now available

Limited time $15,000 off Ford F-150 Lightning

  • Full discount applies to 2023 Ford F-150 Lightning XLT Extended Range only
  • The $7,500 discount comes in the form of a retail bonus
  • Customers should take delivery of the electric vehicle between February 20 and April 2
  • Offer valid for US residents only and limited to one purchase per household


While $15,000 in savings sounds very attractive to potential Ford F-150 Lightning buyers, there are a few nuances to the discount. First, the discount only applies to the 2023 F-150 Lightning. Additionally, savings may not apply to all F-150 models, and the full $15,000 Lightning discount may only be applied when the customer purchases the 2023 XLT Extended Range F-150 Lightning.

Discounts are provided in two forms. Ford is offering a massive $7,500 retail bonus on a 2023 F-150 Lightning XLT Extended Range between February 20 and April 2, 2024 under program #11170. The deal is not transferable outside of the household and there is a limit of one purchase only. Additionally, any purchase of a 2023 F-150 Lightning XLT Extended Range prior to the program period does not qualify.

To receive the $7,500 retail bonus, the buyer must be a resident of the United States and pick up the 2023 Lightning XLT Extended Range from an authorized Ford dealer by April 2, 2024.


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The remainder of the $15,000 rebate is accrued through a federal tax credit

A clean vehicle tax credit lowers the price by $7,500

  • The purchased vehicle is intended only for use by customers, primarily in the United States
  • Clients’ adjusted gross income must be below the threshold
  • The vehicle’s suggested retail price, including options installed by the automaker, must not exceed $80,000
  • The Ford F-150 Lightning XLT Extended Range has a starting MSRP of $69,995.

Meanwhile, the other half of the rebate – also worth $7,500 – comes in the form of a potential federal tax credit. This is made possible by the Clean Vehicle Tax Credit system, which allows U.S. taxpayers who purchase an eligible vehicle, such as the Ford F-150 Lightning, to receive a tax credit of up to $7,500.


According to the Internal Revenue Service, customers must purchase an eligible vehicle for personal use and not for resale. Customers must also primarily use an EV truck in the US. In addition, clients must have an adjusted gross income (AGI) within certain thresholds. AGI must be $300,000 for married couples filing jointly, $225,000 for heads of households, or $150,000 for all other filers. Customers can use the modified AGI from the year of delivery of the vehicle or the year before (whichever is less).

In addition, the MSRP of the purchased vehicle must not exceed $80,000 for pickups, vans, and SUVs. The Internal Revenue Service defines MSRP as the manufacturer’s suggested retail price of a vehicle, including factory-installed options, accessories and trim. However, the price does not include dealer-added options and destination charges. The Ford F-150 Lightning XLT Extended Range qualifies as long as its MSRP remains under $80,000.

Related

This is why most electric cars and plug-in hybrids no longer qualify for tax breaks

Not thanks to the Inflation Reduction Act signed into law by President Biden, several electric vehicles are now excluded from the federal tax credit.

The clean vehicle tax credit is now deducted from the purchase price

Ford F-150 Lightning XLT loaded
Via: Ford


Customers have two options to apply for a tax credit

  • Until 2024, clients can receive a tax credit only after submitting a tax return
  • Eligibility and loan amount can be determined in real time
  • The credit can be transferred to the dealer, who will then deduct the amount from the purchase
  • The IRS will reimburse dealers who reported the tax credit carried forward

Until 2024, eligible customers could only take advantage of the tax credit after submitting a tax return. However, it’s now one available option, and customers can pre-emptively lower the purchase price of their qualifying vehicle — in this case, the 2023 Ford F-150 Lightning — according to the Alternative Fuels Data Center.

This change is because credit eligibility and amount can now be determined at the time of sale on the IRS Energy Credits Online website. Dealers are required to complete and submit a time of sale report online with real-time acceptance or rejection. Customers need this report to receive a credit when reporting. However, for those who cannot wait, there is an option transfer the credit to the dealer. The dealer would then apply the credit amount to the final price and receive a refund from the IRS.


Source: Ford, Internal Service Revenue, Alternative Fuels Data Center

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