Get Hotcars Premium. Start your free trial today

There has been a significant rise in the price of Ford's all-electric F-150 Lightning, and we explore why the truck is so much more expensive.

Ford is the proud owner of the best-selling truck in the world — the F-150. The truck has been one of their top-earning models since its debut in 1975. The F-150 has built a solid reputation over the decades as America's favorite truck.

In January 2019, Ford announced big plans to take the legacy of the F-150 to a new level. The company released the concept for an all-electric version of the F-150 at the Detroit Auto Show. It was appropriately named the F-150 Lightning with

Ford Motor Co. wanting to capture the spirit of “Built Ford Tough” in an EV. Testing for the Lightning was in full swing by that July, with Ford testing the idea on 150 existing frames with electric setups installed. Chief engineer Linda Zhang ran the first presentation of the finished prototype and set a world record in the process.

Her team gathered ten two story rail cars together. Ford had 42 F-150 models lined up to represent every year of success the truck has had. They loaded all the vehicles into the line of rail cars and hitched them to the Lightning. Zhang got behind the wheel and towed the entire load in a display of raw power. The convoy weighed a total of one million pounds and set the record for heaviest load hauled by an electric vehicle. The Lightning was off to a phenomenal start.

RELATED: This Is The Story Behind The Ford F-150 Lightning Name

Sales for the Lightning went through the roof. The award-winning demo of the vehicle created a ton of buzz around its release. Preorders backed up all the way to 2022. The Lightning sold so well that Ford halted advertising for it, as they already couldn't keep up with the demand.

In 2022, customers noticed a drastic increase in price for the next year model. A $5,000 bump is being added for all models sold in 2023. The Base Pro models will have a starting MSRP of $53,769. The high-end Platinum trim go for upwards of $97,000. The lowest trim model for the first year of its release was just under $40,000. That is a 30% increase in only two years.

Ford claims supply chain issues are to blame for the increase in price. The costs of materials have skyrocketed, as well as the costs of shipping. Metals such as cobalt, lithium, and nickel have become more expensive to obtain. They are essential components for making the batteries inside all electric vehicles. Ford is not the only manufacturer faced with this problem. Competitors​​​​​​, such as Tesla, have started asking more for their products as well. Ford has also reported they have spent close to one billion dollars on unexpected supplier issues.

Ford isn’t the only one charging more for their trucks. Several dealerships were also caught price gouging their vehicles. Ford has taken action to stop dealers from over charging their customers, but some places continue to do it. The new Maverick and the Mustang Mach-E have also been subject to greedy price tags.

Gary Smith Ford, located in Florida, was charging a 200% markup for the highest trim model. The MSRP on the truck in question was $71,049. The dealership had the price “market adjusted” with an extra $69,554 added on. When confronted about it, the dealer said it was a typo made on the sales paper. Ford defended them in an official statement backing the claim that it was a typo. The truck in question was a demo model that was not intended for purchase. An explanation for why it had the sales sticker was never given, and many people online are still skeptical.

Other instances of price gouging have happened around the country. A dealership in Texas charged a $30,000 markup on another demo vehicle. Ford released a statement claiming these vehicles are not intended for purchase. They also reached out to businesses about the issue and asked them to remove or lower the price back down to MSRP.

Related: Why It’s Worth Waiting For The Incredible 2023 Ford Ranger Raptor

Ford has spoken out in the past about their concerns with dealerships. CEO Jim Farley has pitched the idea of doing away with dealerships entirely. Farley wants to start by selling EVs completely online and straight from the factory. This new model would include a buying process that would be haggle free. Dealerships would begin to serve as high quality service centers and only process purchases made online. They would also use them to facilitate deliveries and pickups for new buyers.

The trend of buying online has increased in recent years. It has continued to gain popularity even after Covid-19 restrictions lifted. This is more of a goal than a plan for Ford as of right now. The process will begin with EVs, but other models may take longer to phase out for legal reasons.

Farley has already taken a different approach to marketing their EVs. The F-150 Lightning and the Mustang Mach-E models both sold out in 2022 with little to no advertising. Ford is one of the largest spenders on advertising globally. Farley stated that he believes the company's fame and physical presence speak for itself. After all, it would be difficult to find someone on the street who hasn't at least heard of Ford. The CEO has a goal to cut down Ford's advertising budget from $3 billion a year to almost nothing.

Nathan started writing for HotCars in 2022. Growing up in Alabama, he has always had a passion for cars that lead him to work in several fields in the Automotive Industry. He left his last job manufacturing trash trucks to pursue a career as a writer.