Truck buyers looking for electric options to add to your fleet take note: 2023 MY Ford F-150 Lightning pickups are now more than $200 cheaper to lease per month than their gas-powered siblings.

Despite carrying a higher initial price tag, Cars Direct found that a recent boost in 2023 Ford F-150 Lightning incentives rolled out for Memorial Day weekend helped make the all-electric pickup more than $200 a month cheaper to lease than a gas-guzzling ICE F-150.

Based on Ford’s online payment estimator, the 2023 Ford F-150 XLT can be leased for $578 for 36 months with $5,987 due at signing. That’s based on an MSRP of $53,445 for the V6 SuperCrew in a 4×4 configuration and 10,500 miles a year. With an effective cost of about $744 a month, we consider this an awful deal.

Meanwhile, the 2023 Ford Lightning XLT is listed at $338 for 36 months with $6,102 at signing, or $508 per month. That’s $236 per month cheaper than the gas model. Here, you’re getting a 4×4 Standard Range SuperCrew with a sticker price of $56,990, which is approximately $3,500 more than the gas model on paper.

ALEX BERSTEIN; via CARS DIRECT

So, why is the F-150 Lightning cheaper to lease than a conventional F-150? In addition to the massive discounts Ford applied to its remaining 2023 Lightning inventory and subsidized lease rates equivalent to 0%, BEVs still tend to carry higher residuals than ICE vehicles.

That means the difference between the selling price at the dealer and the projected value of the vehicle 36 months out is smaller for the Lightning than the ICE truck. And, because leases effectively charge customers for the difference in selling price and projected future value (the residual, in leasing terms), that means a smaller total amount to divvy up into monthly payments.

Electrek’s Take

With objection of up-front cost vs. ICE now firmly overcome, it seems like both private and commercial/public sector truck buyers may be out of excuses to try an EV — especially considering that the Cars Direct analysis doesn’t include additional state or utility incentives that could drive costs down even lower.

As long as Lightning buyers use the truck appropriately (the right tool for the right job, and all that), they should have a fantastic experience.

Click here to see there’s a remaining 2023 Ford F-150 Lightning in your area that tickles your fancy, and let us know if you plan on taking advantage of Ford’s latest lease deal in the comments section at the bottom of the page.

SOURCE: CARS DIRECT; IMAGES: FORD.