If you’re in the market for a new Ford vehicle, you’ll want to make sure you know how much it’ll cost after the price increase. You’ll want to factor in maintenance and
car insurancecosts as well to see if the new car will still fit your budget.
Ford models that will increase in price
The increase on the starting price of 2021 Ford vehicles has jumped by as much as $680. CarsDirect reported the following price hikes that new buyers should expect to see on dealer's lots this summer.
Ford Explorer, Transit-150, Ranger, and F-Series Super Duty will all see a price increase of at least $250 on the 2021 models. The 2022 Transit Connect is also going up by $250 on all styles.
The EcoSport will increase by $400, and the Ford Edge will cost consumers $500 more. This is the second price hike for the Edge, which increased by $1,000 in April. The Ford Bronco Sport is also getting its second price increase of up to $540. This price change only affects the Outer Banks and Badlands trim.
The Ford Expedition is going up by $600, and the Ford Escape S trim will increase by as much as $670. The Ford Mustang Mach 1 is experiencing the biggest price jump, with $680 added to the sticker price. The starting price of the Mustang Mach-E, F-150, and Bronco will stay the same.
How the microchip shortage impacts vehicle prices
The global semiconductor chip shortage is wreaking havoc on the auto industry, and contributing to the newly announced price increase. According to
Business Insider, Ford anticipates a loss of $2.5 billion this year. This may be why customers have been seeing higher car prices.
Ford is temporarily halting production and shutting down eight of its factories in the United States, Mexico, and Canada. The product lines impacted include the Ford Mustang,
F-150 pickup trucks, and the Bronco Sport SUV.
Ford is getting rid of rebate programs
Almost all of Ford’s rebates and incentives for 2021 models have also been eliminated.This includes several cash bonuses and APR financing offerings. Ford will reportedly now offer a "more consistent, simplified incentive structure."
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