Ford F-150 Lightning no-resale policy being implemented
Another day, another story of dealers looking for ways to get the most money out of Ford F-150 Lightning customers. Markups and gimmicks on price changes are well documented at this point, but now we learn of a unique no-resale condition that some dealers impose on trucks.
Carscoops confirmed details of the policy with Ford. The automaker noted that dealers requested the change, but the practice is still governed by local law and dealers are not required to implement the policy. With the truck's popularity, dealers don't want to leave money on the table, so it's bad news when buyers are flipping their new electric pickup truck for a lot more cash.
Ford's communications with dealers offered wording for drawing up the policy: "The Purchaser hereby agrees that it will not sell, offer for sale or otherwise transfer any interest in the Vehicle prior to the first anniversary of the date of this Agreement. Buyer further agrees that Seller may seek injunctive relief to prevent the transfer of title to the Vehicle or require Buyer to pay all value received in consideration for the sale or transfer.”
Earlier this year, Ford warned dealers to stop the stupidity with surcharges and price games for reservation holders, offering support for no-sale regulations at the time. Now that trucks are arriving at showrooms and reaching customers, dealers have been striving for more control over the situation. Ford left the details of how and where the policy would be implemented to its franchisees. You can create a standalone contract for the no-sale agreement or integrate it with existing documentation. It's not unlike the no-resale policy on Ford GTs.
A crowdsourced spreadsheet of Lightning markup on Reddit showed upcharges ranging from $1,500 to $10,000, but we've seen crazy numbers recently. A Florida dealer added $69,554 to a truck, effectively doubling its price. Ford has threatened to withhold future vehicle allocation for the practice, but some still charge extra money to hold a reservation and there are still surcharges on trucks across the country.
The trucks are sold out for everyone except the lucky few who were able to make an early reservation. So there is a lot of demand and motivation to take advantage of people who are desperate to get behind the wheel. Even so, the practice of surcharges and restricting what customers can do with a vehicle they've paid for is terrible for everyone but dealers.
Unlike assets like luxury watches and real estate, cars don't typically appreciate in value, especially new production models like the F-150 Lightning. Buying a truck at a premium of just $10,000 puts the buyer in a position to be underwater immediately, so it's best to be patient and put yourself on a reservation list when looking for a new electric look for a pickup.
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