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After months of massive price cuts, Ford has raised prices on the sportiest version of the all-electric Mustang Mach-E. According to a letter sent to dealers, the high-performance 2024 Ford Mach-E GT just got a $1,000 price increase. We also found a hidden price hike on the cheapest trim that EV buyers should know about.
The 2024 Ford Mach-E GT now has an MSRP of $54,995 excluding destination, $1,000 more than the previous price tag of $53,995. Additionally, the Mach-E’s destination charge is $100 higher than before at $1,995. As a result, you can now expect to pay $56,990 before incentives for the sporty electric vehicle.
The changes were rolled out yesterday in a mid-year “price action”. On paper, the GT is now $11,000 more expensive than the cheapest Mach-E Premium. However, the price difference narrows to $4,005 when accounting for the cost of a more comparable Premium with all-wheel drive and Extended Range battery.
But these aren’t the only changes. At the same time, the Mach-E Rally is $1,000 cheaper than before with an MSRP of $60,990. The Mach-E’s entry-level trim, the Mach-E Select, is also $1,000 more expensive than before but only when choosing the Extended Range configuration which is only available with all-wheel drive.
As before, the cheapest Mach-E with a range of 250 miles still has an MSRP of $39,995 ($42,685 with destination). However, if you prefer the Extended Range version with 300 miles, expect to pay a bit more now. In the case of the Mach-E GT, Ford claims a range of 280 miles (versus 300 miles for the Premium ER).
At this point, the step up from the GT to the Rally has narrowed from $6,000 to $4,000. The rally-inspired Mach-E was introduced for 2024 and comes with all-wheel drive standard in an Extended Range configuration rated at 265 miles. Yesterday’s changes may seem confusing to buyers given the Mach-E’s trajectory.
As we reported yesterday, 2024 Mach-E discounts are 30% better than last month. Back in May, Ford introduced 0% financing on it for 48 months, a deal that quickly improved to no interest for 60 months just before July Fourth. Before that, Tesla owners could score up to a $10,000 discount on the outgoing model.
Yesterday’s changes also do nothing to address the roughly $11,000 difference in price between a Mach-E GT and a Tesla Model Y Performance after a $7,500 tax credit that the Mach-E isn’t eligible for. For now, the only comfort for Mach-E buyers may be that the EV has significantly better interest rates and lease deals.
Source: Ford