Falling For the Ford Mach-E’s 84-Month Financing Deal Will Cost You BIG Money
You might want to reconsider your financing options for the Ford Mach-Eby Robert Moore, on
Order books for the 2021 Ford Mach-E have finally opened, and it’s being offered with a number of financing options – including an 84-month “deal.” That sounds intriguing, right? After all, that has to make for a much smaller payment than, say, 48 month financing. There’s a big catch, here, though, and it’s almost worthy of being called a scam. That 84-month financing deal, isn’t actually a deal at all, and will end up costing you ridiculous amounts of money.
Mach-E 84-Month Financing – the $10,000 Mistake
As shown off in a new report from CarsDirect, Ford’s 84-month financing for the Mach-E isn’t as cut and dry as you might thing. That 84-month financing comes at a rather high 5.9-percent APR. That’s 2.0-percent more than what you’ll have to pay for the 72-Month financing. Going for the 48-month payment is the best approach, as you get a 0.9-percent APR.
Going with the 48-month financing will have you paying up just $832 in interest for the $45,000 Mach-E. The 84-month financing deal, on the other hand, will have you paying out some $10,000 in interest. But wait, it gets worse, as by the time you pay off the Mach-E 7 years later, it will hardly be worth the metal and plastic it’s made out of thanks to the extreme depreciation of electric cars. Vehicles on average deprecate by about 38 percent in their first years of ownership, but EVs, on the other hand, are much higher. The BMW i3, for example, loses 63-percent of its value during the first few years of ownership.
So, what does all of this mean? Well, obviously, the 84-month financing deal is a complete joke and will cost you way too much money. But, you should also be aware that you’re probably going to be underwater for most of the time you own the vehicle, and don’t expect to be able to resell it a few years down the road and come close to breaking even.
iSeeCars CEO, Phone Ly, put this concept into context:
”Electric vehicles depreciate more than any other vehicle segment due in part to the state and federal incentives that were in place when these vehicles were sold new”
So, if you’ve made a reservation and are waiting to finalize your pre-order with Ford, you might want to consider your financing options and probably avoid Ford’s 72- or 84-month financing options.
|Battery Type||Drive Type||Performance||Horsepower and torque|
|Select||Standard Range||Rear-Wheel Drive||255 HP / 306 LB-FT|
|Select||Standard Range||All-Wheel Drive||255 HP / 417 LB-FT|
|Premium||Standard Range||Rear-Wheel Drive||255 HP / 306 LB-FT|
|Premium||Standard Range||All-Wheel Drive||255 HP / 417 LB-FT|
|Premium||Extended Range||Rear-Wheel Drive||282 HP / 306 LB-FT|
|Premium||Extended Range||All-Wheel Drive||332 HP / 417 LB-FT|
|First Edition||Extended Range||All-Wheel Drive||332 HP / 417 LB-FT|
|California Route 1||Extended Range||Rear-Wheel Drive||282 HP / 306 LB-FT|
|GT Performance||Extended Range||All-Wheel Drive||459 HP / 612 LB-FT|