What?
Ford is offering a tempting deal on the 2024 Mustang Mach-E – a 0% Annual Percentage Rate (APR) for a 48-month financing period. This move follows Tesla’s reduction in financing rates for the Model Y, indicating a trend of improving deals on electric vehicles. Ford had previously lowered the MSRP of the Mach-E, resulting in a surge in sales. The automaker has recently adjusted interest rates for the Mach-E, making purchasing the electric vehicle more affordable.
Why does it matter?
The automotive industry is seeing a shift towards more competitive deals on electric vehicles, narrowing the price gap between EVs and traditional gasoline-powered cars. Ford’s attractive financing offers, along with reduced interest rates, make owning an EV a more viable option for consumers. Despite the benefits, there are limitations to consider – the 0% APR deal is limited to specific states and the Mach-E does not qualify for the federal tax credit available for Tesla vehicles.
How is it going to shape the future?
With Ford’s aggressive pricing strategies and financing incentives, consumers may be more inclined to switch to electric vehicles. The increasing accessibility of EVs through improved financing options could accelerate the transition towards sustainable transportation. As more automakers follow suit and offer competitive deals on electric models, the adoption of EVs is likely to rise, contributing to a greener future for the automotive industry.
Source: https://insideevs.com/news/720889/2024-ford-mustang-mach-e-0-apr-loan/