Ford Motor Company’s decision to halt production of its electric pickup, the F-150 Lightning, has unexpectedly fueled demand for the vehicle on the used car market. Since the last Lightning rolled off the assembly line in December, the electric truck has quickly become sought after by U.S. buyers, reflecting strong consumer interest in electric pickups when prices are more accessible.
The F-150 Lightning, Ford’s all-electric version of its popular gas-powered F-150, struggled in the new vehicle market partly due to its initial price point. Although introduced with a starting price of around $40,000, the average transaction price in the first year surged to approximately $79,000 as Ford prioritized higher-end models. This contrasted with conventional F-150 prices, which were on average $19,000 lower. The cost issue, alongside challenges related to the aerodynamics and weight of electric trucks, hindered widespread adoption among traditional pickup buyers.
Nevertheless, the used Lightning market tells a different story. Many buyers find the electric truck’s price, typically 50% to 60% of its original sticker price, more attractive. The average resale price has risen to about $50,000, with the trucks selling faster than the general used vehicle market — about 20 days compared to 44 days on average. This scarcity and relative affordability have contributed to strong demand, with nearly a third of used Lightnings now sold by dealerships representing other brands rather than Ford itself.
Consumers like Chase Norris, a county planner in Colorado, underscore the appeal. Norris traded his gasoline-powered F-150 for a used Lightning priced near $40,000, citing the truck’s environmental benefits, performance, and versatility. The electric model closely resembles its gas counterpart in appearance and cabin design, making the transition easier for traditional truck buyers. Additionally, features like the front trunk and home power capabilities add practical value.
Industry experts suggest that despite early missteps in pricing strategy, the Lightning’s popularity in the used market indicates a strong foundation of interest in electric pickups. Alex Lawrence, CEO of a nationwide pre-owned electric vehicle dealer, noted growing demand for used Lightnings as second vehicles, often used for commuting while gasoline trucks serve weekend roles. However, supply remains tight, with dealers struggling to acquire used Lightnings at reasonable prices.
Ford’s discontinuation of the Lightning aligns with a broader shift in its electric vehicle strategy. The company has launched a new project in California focused on delivering a more affordable electric truck, the forthcoming Fathom. Scheduled for release next year with a starting price near $28,000, Ford aims to increase annual sales to 100,000 units, more than triple the best Lightning year.
Market analysts view the strong used market interest as a positive sign for the Fathom’s prospects. Kevin Roberts, head of market intelligence at CarGurus Inc., stated that current demand demonstrates consumers’ willingness to embrace electric vehicles when presented with compelling value.
Ford’s leadership acknowledges the challenges ahead. CEO Jim Farley recently described the effort to produce EVs at scale, cost-effectively, and on schedule as “a heck of an effort,” emphasizing that the company has not yet fully mastered the economics of widespread electric vehicle production.
As Ford transitions to its next generation of electric trucks, the used market for the F-150 Lightning offers a valuable glimpse into consumer readiness for electric pickups at more accessible price points.