Hey everyone, hope you can help me make a choice here. I’m leasing a 2022 Ram 1500 Laramie 2WD right now. It’s got a lot of nice features: Laramie level B package, harman/kardon speakers, 12-inch screen, 5.7 HEMI with etorque, leather seats, and more. My lease ends in February, and the buyout would be $31,500. Problem is, I’m way over on mileage, so I can’t just turn it in. Right now, I’m paying $587 a month, but I know if I buy it out, that could go up to around $630 a month with today’s interest rates.
My wife just got a Cadillac Lyriq, and wow, that thing is awesome. Now I’m thinking about getting a 2024 F-150 Lightning Laramie with the extended range battery. They have it listed at $65,518. The payment would be higher, but I’d be saving on gas, which is $3.25 a gallon here, and I drive around 1400 miles a month.
So…do I take the plunge and head to the dealership, or stick with my Ram? Happy to answer any questions if it helps me decide. Thanks!
Where are you located? In places like California with high gas prices, switching to electric makes more sense, but if you’re somewhere with cheaper gas, it might take a lot longer to see savings… Check out Ford’s 0% financing too.
@Milo
I’m in Tampa, FL. I’ve actually looked into solar a few times, but insurance here is really high because of hurricane risk. Many companies either won’t cover you or will increase your rates if you install solar, so it just doesn’t save me money.
Ari said: @Indigo
At least in Florida, you won’t lose any range from cold weather. If you can score 0% financing, it could be a pretty sweet deal.
True, but you might want to do the math to make sure it really adds up, especially with AC usage. Ford’s 0% financing might tip the scales in favor of switching.
@Indigo
Check if you have the FPL unlimited charging option in your area. It’s like $30/month for unlimited weekend/night charging, which can be great for bigger vehicles.
Vail said: @Indigo
Check if you have the FPL unlimited charging option in your area. It’s like $30/month for unlimited weekend/night charging, which can be great for bigger vehicles.
If you’re trying to make a purely financial decision, figure out what you can sell your truck for, or the cost of keeping it. Don’t forget to factor in your electricity rates, and make sure you have somewhere to charge the truck.
I love my Lightning, but it’s not ideal for everyone’s situation.
@Thayer
Looking at KBB and the market, I think I can make a couple thousand if I trade in the Ram. We’re already getting a 60-amp circuit installed for my wife’s Lyriq, so I’m guessing I could use that for the Lightning as well. We’d be mostly charging at night, so costs would stay low. I’m spending around $250-300 a month on gas right now.
@Indigo
Just remember, if you’re both charging at night, you’d only get 24 amps per vehicle, which means it could take up to 18 hours to go from 0-80% with the truck. If you can swing it, upgrading to a 100-amp circuit would make life easier.
Based on my electricity rate, charging the truck feels like paying about $1.50 per gallon for gas on a regular F-150.
@Indigo
One thing people don’t think about with EVs is that gas money is just gone when you burn it. With an EV, some of that $300 a month on gas could be building equity in the vehicle instead of vanishing.
Have you checked if you’re eligible for X Plan pricing? My company offered it, but I didn’t realize it at first. It can help a lot with discounts. If you don’t have it, there are other ways to get it, which you can find info about on this forum.
Also, Ram has a $2k conquest discount in many areas.
I ended up going for a lower-trim F-150 because once the price hits over $80k, you lose the federal tax credit, which can be significant depending on your income.
From your wife’s Lyriq, you already know electric is about 1/3 the cost of gas where you are. You might save around $200 a month based on your driving. Just double-check insurance, as that could eat into those savings.
@Mal
Be careful with this. I drove 21k miles this year, and charging on the road got pricey—DC fast chargers can be expensive, and highway range isn’t as high as advertised. If you’re charging at home every night, it’s great, but for road trips… it’s another story.
Couple of thoughts. First, do you tow long distances? If yes, then Lightning might not be the best for that.
Also, make sure you have a dedicated charger. Sharing with another EV can be a pain. I have a 200-amp service and can charge my Lightning and my wife’s Model Y on separate breakers just fine.
Finally, savings on fuel go away if you rely heavily on DC fast charging. If your longest trips are under 3 hours, though, you should be fine.
@Caden
I tow a boat occasionally, but only a few miles each way, and it’s around 5,000 pounds. The longest trip I usually take is to Orlando, about 1.5 hours. For charging, I think we’d be okay alternating nights if needed.
Here’s the truck I’m looking at if it helps anyone give better advice on whether it’s a good deal or not. Not sure if the listed price includes the $7,500 tax credit, though. Planning to call the dealer when they open.
