Ford F-150 EV prices increase as IRS begins point of sale discount of $7,500 on select models

Ford is raising the prices of electric F-150 models as the Internal Revenue Service begins to allow point-of sale-discounts of $7,500 on select models.

The F-150 Lightning "Extended Range Battery" and "Standard Range Battery" 2023 and 2024 models currently qualify for a $7,500 federal tax credit, according to the Energy Department.

In tax year 2023, filers who purchased qualified EVs had to wait to claim the tax credit of up to $7,500 until they filed tax returns. However, a point-of-sale system is being implemented for tax year 2024.

The buyer simply would have to choose to "transfer" the credit to the dealer to collect the discount on the EV, according to updated IRS guidance.

The agency is not requiring dealers to verify a buyer's income to make sure they qualify before the credit gets transferred to the dealer. 

The IRS is reportedly still working with many auto retailers to fully implement the point of sale system.

Prices of Ford F-150 Lightning models have increased by up to $10,000 for 2024, according to Cars.com.

For example, the standard-range XLT has risen $10,000 to start at $67,090.