August 22nd, 2022, Lesley Simeon
Citing significant material cost increases and other factors, Ford Motors has increased the starting prices of its new electric F-150 Lightning pickup truck just months after launching it in April 2022. The basic model of the truck – the Lightning Pro – will now start at $46,974, up by nearly $7,000 from its earlier price tag of $39,974, while its most expensive model, the Platinum Extended Range, now costs $6,000 more, at $96,874.
But how much exactly are US prospects willing to spend on an electric vehicle?
For about 42% of them, $40,000 is the limit. According to YouGov’s Profiles - that covers demographic, psychographic, attitudinal and behavioral consumer metrics, 22% of respondents who might consider purchasing an EV will spend anywhere between $20,001 and $40,000 on their car purchase. Ford’s price hike place the starting price point of its electric truck beyond the $40,000 mark at $46,974. Before the hike, the truck had a starting price of $39,974.
Nonetheless, Ford has a significant section of the population that might still opt for its electric truck, in spite of its higher price tag – about 21% of US consumers who intend on purchasing an EV. About 7% of this group might spend $40,001 to $50,000 towards purchasing a car and at $46,974, the starting price point of F-150 Lightning’s basic model sits comfortably in the middle of this price bracket.
Explore our living data - for free
Discover more Automotive content here
Want to run your own research? Start building a survey now
Make smarter business decisions with better intelligence. Understand exactly what your audience is thinking by leveraging our panel of 20 million+ members. Speak with us today.
Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the US is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.