Ford cut the annual percentage rate (APR) for financing an inventory 2024 Mustang Mach-E to 0% earlier this week, according to an official dealer bulletin seen by Cars Direct. The deal is valid for a 48-month loan but isn’t available in all states.
The move comes after Tesla lowered its financing interest rate to 0.99% for the Model Y two weeks ago. Earlier this year, Ford slashed the MSRP of its battery-powered crossover by up to $8,100, which led to a healthy increase in sales.
Better and better deals on EVs
Even though electric vehicles are still more expensive to buy than their gasoline-powered competitors, manufacturers are slowly but surely closing the gap. Nowadays, you can get a pretty good leasing or financing deal on a new EV, making the pill a little easier to swallow than a few years ago.
This isn’t the first time the blue oval automaker tweaked the interest rates for the Mach-E. Last week, the 4-year APR went from 2.9% to 1.9%. Meanwhile, the 60-month rate was slashed from 3.9% to 0.9% and the 72-month rate decreased from 5.9% to 2.9%, according to Cars Direct.
This means that buying a brand-new 2024 Ford Mustang Mach E with an MSRP of $50,000 right now using a six-year loan is approximately $5,000 cheaper compared to the beginning of the month–that’s 10% of the price of the whole car.
With all this being said, however, there are a couple of drawbacks. First, the sweet financing deal is only available in Arizona, California, Colorado, Florida, Michigan, Oregon, Texas and Washington. Second, the Mustang Mach-E isn’t eligible for the $7,500 federal tax credit when purchasing, so do your homework before you make a decision. By comparison, Tesla’s Model Y is eligible for the tax credit.
If you don’t want the latest and greatest, Ford also has a noteworthy offer on 2023 Mustang Mach-Es that are sitting in inventory. These come with 0% APR when financing for 72 months and if you choose the Mach-E GT trim, you could get up to $3,000 in bonus cash. Furthermore, if you trade in a used Tesla, Ford will lower the MSRP of your new EV by up to $10,000 in some states.
One thing worth mentioning is that, even though there are more and more attractive leasing and financing offers for brand-new EVs out there, you still need to run the maths to make sure you can afford the monthly fees. Otherwise, things could go south pretty quickly.