by Slate Auto Electric Pickup May Cost More Than Expected
The main argument for the Slate Auto electric pickup has always been its affordable price, as the company promised it would cost less than $20,000 in the USA. However, the cancellation of the federal tax credit for electric vehicles forced Slate to significantly increase the estimated starting price of the car. Furthermore, leasing this pickup might turn out to be unexpectedly expensive, considering the limited list of features it offers.
Lease Cost Estimate
Although the company has not yet confirmed the final model price, the publication Cars Direct suggests that the monthly lease could be over $500. This conclusion is based on an estimated pickup cost of $27,500. Under a standard 36-month lease with no down payment, the monthly payment could reach $468.
Adding the first payment and an estimated acquisition fee of $700, the effective monthly cost could approach $500 before taxes and other fees. If the electric vehicle tax credit were in effect, the equivalent price would drop to $341 per month, representing a significant difference of $127.
However, it is worth noting that actual lease prices may vary. The publication based its calculations on a money factor of 0.00292 (equivalent to 7% annual interest) and assumed a vehicle residual value of 55%.
Competition with Ford Maverick
To succeed in the market, Slate Auto will have to convince buyers to choose their simple electric vehicle over the Ford Maverick. Currently, one can lease an all-wheel-drive 2025 Ford Maverick XLT with an EcoBoost engine for just $289 per month for 36 months, with a down payment of $3,709.
Leasing the hybrid version of the Maverick costs more. Depending on the region, monthly payments for hybrid models typically start at around $430, and this often does not include a significant down payment of over $3,000, which increases the effective monthly cost to over $500.
The price increase for the Slate Auto electric pickup could become a serious challenge for the company, especially against the backdrop of available alternatives like the Ford Maverick. The loss of tax credits and the high leasing cost may deter potential customers looking for budget solutions. In the future, Slate will likely have to revise its pricing strategy or offer additional benefits to remain competitive in the electric vehicle market.
