2024 Ford F-150 Lightning Gets Price Increases For Some Trim Levels

This week, Ford announced updated pricing for the 2024 Ford F-150 Lightning pickup, which in the case of most versions, has become more expensive. Another thing is that the number of versions has been reduced by one (from 7 in 2023MY to 6 in 2024MY).

The all-electric Ford F-150 Lightning is currently available in five main trims: the entry-level Pro trim, XLT, Flash (new), Lariat, and Platinum (with its special-edition Platinum Black).

The Pro and XLT are available only with the Standard Range (SR) battery, as the Extended Range (ER) battery for the XLT has been dropped. The other trims (Flash, Lariat, and Platinum) are available solely with the Extended Range battery (Ford ditched the Lariat SR as well). This move indicates that the manufacturer wanted to simplify the lineup.

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The 2024 Ford F-150 Lightning Pro (SR) starts at an MSRP of $54,995, which is $5,000 more than in the 2023MY version (see full 2023MY prices here). That’s a noticeable increase of around 10%.

The good news is that all Ford F-150 Lightning models qualify for the full $7,500 federal tax credit in the 2024 calendar year, as long as their price does not exceed the $80,000 cap.

The 2024 Ford F-150 Lightning XLT (SR) starts at an MSRP of $64,995, and that’s a pretty significant $10,000 or 18% change over the 2023MY, although the increase compared to the initial 2024 pricing of $57,495 is $7,500.

Next is the 2024 Ford F-150 Lightning Flash (ER), a new trim between the XLT and Lariat, which starts at $73,495—that’s $3,500 more than initially announced.

The 2024 Ford F-150 Lightning Lariat (ER) also is more expensive—by $2,000 compared to the 2023M and the initial 2024MY pricing—starting at $79,495.

Finally, the 2024 Ford F-150 Lightning Platinum (ER) has become less expensive, starting at $84,995. That’s a $5,000 reduction compared to the initial 2024 pricing and $7,000 compared to the 2023MY.

A similar situation concerns the 2024 Ford F-150 Lightning Platinum Black (ER), which starts at $92,995—a full $5,000 lower than initially and in the 2023MY case.

Additionally, in 2024MY, the destination charge increased by $100, to $2,095.

Summarizing the changes, we can note that the lower trims are now significantly more expensive—suggesting a necessity to make the model more profitable. On the other hand, the lower increases in price of the higher trims (Lariat), and a reduction of the prices of the top Platinum trims, suggest that the manufacturer hopes to attract more customers to the more expensive and most likely already profitable versions. Additionally, Platinum does not get $7,500 federal tax credit, which requires action to make it more competitive.

Ford explains: “The F-150 Lightning is America’s best-selling electric pickup after a record fourth quarter, and demand continues to grow.  We are making adjustments to pricing, production and trim packages to achieve the optimal mix of sales growth, profitability, and customer access to the IRA tax benefit.”

Model Base Price Dest. Charge Tax Credit Effective Price
2024 Ford F-150 Lightning Pro SR 18-inch $54,995 +$2,095 $7,500 $49,590
2024 Ford F-150 Lightning XLT SR 18-inch $64,995 +$2,095 $7,500 $59,590
2024 Ford F-150 Lightning Flash ER 20-inch $73,495 +$2,095 $7,500 $68,090
2024 Ford F-150 Lightning Lariat ER 20-inch $79,495 +$2,095 $7,500 $74,090
2024 Ford F-150 Lightning Platinum ER 22-inch $84,995 +$2,095 N/A $87,090
2024 Ford F-150 Lightning Platinum Black ER 22-in $92,995 +$2,095 N/A $95,090

Another look on the chart, shows us that the prices spreads between about $50,000 up to around $95,000.

The SR batteries offer up to 240 miles of EPA range, while the ER batteries are good enough for 300-320 miles of EPA range.

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* EPA-estimated range values according to Ford

For reference, below we attached the 2023MY pricing.

Model Base Price Dest. Charge Tax Credit Effective Price
2023 Ford F-150 Lightning Pro SR 18-inch $49,995 +$1,995 $7,500 $44,490
2023 Ford F-150 Lightning XLT SR 18-inch $54,995 +$1,995 $7,500 $49,490
2023 Ford F-150 Lightning XLT ER 20-inch $69,995 +$1,995 $7,500 $64,490
2023 Ford F-150 Lightning Lariat SR 20-inch $69,995 +$1,995 $7,500 $64,490
2023 Ford F-150 Lightning Lariat ER 20-inch $77,495 +$1,995 $7,500 $71,990
2023 Ford F-150 Lightning Platinum ER 22-inch $91,995 +$1,995 N/A $93,990
2023 Ford F-150 Lightning Platinum Black ER 22-in $97,995 +$1,995 N/A $99,990