Last day! It was fun expensive and …

[jonnybbomb]

I did not think the truck would’ve depreciated so much. I was wrong. I just don’t want to find out if I am wrong again .

My idea was to keep it for 10-12 years. Again, I just do not want to find out if it will make it etc.

But then again, with my luck, in 3 months gas prices go to 6$ ?

I feel for you, OP. I put $30K down on my Mach E GT and am upside down on it. I love the car, though, so I don't mind as much since I have no desire in trading it in/selling it.

I am glad I didn't follow through on my Lightning reservation back in '22. I just bought a used '22 Platinum with 20K miles for $60K off MSRP. With the rebates gone I'll never buy a new EV again.

All it would take is gas to jump up $2/gallon and the value of our trucks would soar.

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[daveross1212]

I see both sides of this, and am in the $80k->40k group. In general I'm happy with the truck, but not happy with the depreciation. It's not completely unexpected - as others have said, truck was bought at a high point in the vehicle market in general, and more specifically EV trucks, and now the world has changed. I can understand needing to "stop the bleeding" if there is fear that these trucks could further depreciate.

For me, I'm leaning towards keeping the Lightning long term and at some point getting a 3rd vehicle. Ironically, the options I'm looking at include some 2-3 year old cars with ~%45 depreciation.

 

[Tony Burgh]

I see both sides of this, and am in the $80k->40k group. In general I'm happy with the truck, but not happy with the depreciation. It's not completely unexpected - as others have said, truck was bought at a high point in the vehicle market in general, and more specifically EV trucks, and now the world has changed. I can understand needing to "stop the bleeding" if there is fear that these trucks could further depreciate.

For me, I'm leaning towards keeping the Lightning long term and at some point getting a 3rd vehicle. Ironically, the options I'm looking at include some 2-3 year old cars with ~%45 depreciation.

Depreciation is a fictitious paper loss unless you decide to sell, just like stocks in a down market. But it depends upon your negotiating skills.
Disclaimer - this does not apply to IRA year end valuations even if you don’t sell. People getting hit with RMD’s know what I’m talking about.

 

[Brons2]

no need to replace. Just downsizing to two cars. But one of the 2 cars will be a 150$ a month lease.

I'm leasing my Lightning XLT for $299.96/month, which was the "no brainer" price for me to get into one. There's since been even better lease deals last month, but playing the waiting game can be a zero sum activity. I'm happy with where I got in on mine.

I may look for a used 22-24 Lariat at the end of my lease though. Zero chance I keep my current truck with the lease buyout being $46K, plus it's missing features that I like on my wife's Mach-E like BlueCruise that I know the Lariat has.

I prefer the smaller 12" screen and attendant analog-ish HVAC/radio controls (knobs and buttons!) over the 15" that my wife has in the Mach-E and is also on the higher trim levels of the Lightning, but it is what it is.

 

[MrLoganRoss]

I think the bottom line for EVERYONE is, if you are only going to keep an expensive/luxury car (gas or electric) for 3-5 years, either lease it or accept you are making a known-outcome financial decision for other reasons and don’t blame the car for that decision.

 

[Altivec]

how much is your solar producing?
been looking into getting one for our home

My solar produces on average 1200kwh per month. I have had it for 5 years now with out issue. I didn't know at the time that I would end up with an EV truck. If I did, I would have probably added on a few more panels. It does take a huge bite out of our power bill and should pay for itself around the 10 year mark. Most Solar companies should do an analysis for you as payback can vary depending on how much you pay for electricity. Our power rates are cheap so it will take longer.

 

[Altivec]

I have to be honest, I have never been able to make the math work with Solar. Are you seeing the returns you expected on your bill? Is the drop in your bill commensurate with with a 10 year payback?

When I try and go with a large solar installer my payback is around 20 years. Even doing it myself payback was over 10 years. The large solar companies did rough calculations, essentially showing production equals consumption. But with evening biased consumption and a net metering that returns about half of consumption cost, I could produce twice what we used and still end up with an electricity bill.

Each geographic area and situation is going to be different so even if it works for me, doesn't mean it will work for you. Yes. I agree that even though most of the times I give more power than I take, the admin fees are evil to pay. However, you can't count the admin fees in pay back because you would be paying them regardless. In my case, When I was building my new home, the regional government was offering an incentive to pay 1/3 the costs of solar installs. My job was around 14k but I ended up paying around 9k. Only counting the energy I created during the past 5 years multiplied by my electricity rate of 6.9 cents per KW works out to $4500 saved so far. My electricity contract just expired and I just signed a new 3 year plan but its 7.8 cents per kw so payback should happen a tiny bit faster. As I said, I am anticipating 10 years but if I didn't get that 1/3 off, it would be closer to 15 years.

 

[nhlightning]

I bought my new 2023 XLT Lightning (December build) with Pro Power in July 2024. I put $5k down and out the door with all the incentives it was $49k plus 0% interest (yes, $20k under MSRP including tax credit and down payment). I could sell my truck right now and break even (based on KBB).

 

[NW Ontario Ford Lightning]

Some of the financial "hit" isn't depreciation, it is the net effect of overpaying/buying at the top end in a hot market and then selling during a soft one. When I saw the early Lightnings going for 10k Over MSRP - knew I had to wait it out. Lots of excited early adopters pushed the price up. Low interest rates supported that at the time. Not so much now.

The other effect is the new-model growing pains, when the 2024 came out with heat-pump and other features, this pushed down the price for the pre-2024's, since the new buyer wanted the best tech and wouldn't pay top dollar for the trucks without it.

But lets look at 'real depreciation' of the physical truck - not just the willingness of a new buyer to pay:
The F-150 has aluminum body panels - that are far better than any steel bodied trucks I have owned - for rust resistance, the battery and the motors didn't lose 50% of their use in 3-years, These trucks could easily last more than ten years if we take care of them. My 2500 Ram gave me 17 years and 433K km (270K miles) but in the end was in need of too much costly maintenance to keep going and that maintenance was body rust, and engine/trani/transaxel mechanical items. The Lighning by contrast will not need most of the things that Ram did to keep it running, likely the main issue will just be shorter range as the battery ages. I plan to keep it a decade or so.

 

[MotoGary]

....likely the main issue will just be shorter range as the battery ages. I plan to keep it a decade or so.

I admire your optimism.

 

[NW Ontario Ford Lightning]

We can't claim the Dealers are "afraid of the lack of EV maintenance" cutting into their profits and then in the next breath say we are worried about maintenance costs long term on our EV's right?
I figure the most likely thing to go will be all these heating/cooling lines for the battery/cab/motors - there is quite a bit going on with rubber hose lines. Eventually those will get old and tired and need replacement. As long as they are accessible should be DIY-able.
In the meantime, I check and fill my windshield washer fluid...that is about it.

 

[MotoGary]

In the meantime, I check and fill my windshield washer fluid...that is about it.

Yes. Best plan. Just drive and enjoy it. And in order to maintain that sunny optimism, I would also recommend limiting your viewing on this site to the Trip Reports and Show & Tell sections.

 

[SpaceEVDriver]

Our '22 Mustang has already paid for itself with our driving habits. The Lightning will do so within another year, maybe two years if we keep driving the way we have been.

 

[Maineiac12]

I am thinking the same, trucks been in shop for three weeks “high voltage“ ???

Thinking Dodge EV?

If you think Ford is unreliable…Stellantis is even worse.

 

[Hugh_Bris]

Going through a module replacement is a bit like having your hot girlfriend cheat on you. You loved everything about her and had a beautiful relationship....right up until that point. Suddenly, you can't trust her anymore. And once "You've lost that lovin' feeling...it's gone, gone, gone...whoa-oh-oh-oh..." ?

Depends on how hot she is I guess… I’d might be able to look past it happening once ?

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