February 2024 Sees Ford Sales Rise, Mustang Suffers 17% Drop

Declining Sales of Ford Mustang’s V8 Despite Overall Improvement in Ford Sales Since 2015

Ford’s famous Mustang has become the sole car offered by the company in America, with all other choices being variations of crossovers, SUVs, or trucks. Three years ago, when Ford first announced their plans to discontinue their passenger cars, many critics in the car industry were doubtful, and fans of sportier models like the Focus RS, Taurus SHO, and ST Fiesta were sad to see them go. However, the company stood firm in their belief that consumer demand for larger, more practical vehicles was surpassing that of smaller cars. Luckily, for those same individuals who mourned the loss of their favorite models, the Ford Mustang and Ford GT will still be available, although the latter will become a relic after 2022.

In the United States, the 2024 Ford Mustang stands as the final V8 muscle car, surpassing its competitors – the Chevrolet Camaro and Dodge Challenger. Despite a general increase in Ford’s sales, the renowned pony car has experienced a decrease of 17% in sales compared to last year, as reported by Ford Authority.

As stated in our previous report about the sharp decline in 2024 Ford Mustang Sales during October of 2023, financial constraints seem to be the primary factor at play. For instance, opting for a Mustang GT with a price tag exceeding $50,000 (which is the average cost of a new car), would result in a monthly payment of $812 on a 72-month loan with a 5.29% interest rate. However, the typical income in America is below $60,000 per year, meaning that car payments would consume 16.2% of an individual’s monthly earnings.

Choosing a Mustang Dark Horse as a purchase option can quickly result in a hefty price tag of $70,000 or more. As a result, the monthly expense skyrockets to $1,137, making up nearly a quarter of an average monthly income. With this in mind, it may not be the most opportune moment for buyers to invest in a new car. Interestingly, despite a decline of 17% in Mustang sales, Ford has managed to see an overall increase of 11% in vehicle transactions.

In February 2023, the sales of the highly anticipated 2023 Mustang Mach-E reached a satisfactory number of 1,783 units. However, in February 2024, the numbers showed a significant growth with a total of 2,930 units sold, indicating an astonishing 64.33% increase. This commendable improvement is especially noteworthy considering the starting price for the Mach-E being $45,390, and the GT models priced over $60,000. Surpassing this achievement was the Maverick, which experienced a staggering surge in sales of 73.4% this February compared to the previous year. Similarly, the F-150 Lightning also displayed remarkable progress with a remarkable 92.96% increase. The Edge and Escape models were not left behind, as they both saw a tremendous boost in sales by a phenomenal 105.17%.

However, there were also some declines that are worth noting, as they provide intriguing insights. Despite the Maverick’s strong sales performance, the Ranger is struggling to make an impact in the market. In fact, it recorded a dismal 0 sales in February 2024, a significant decrease from its 3,962 sales in the same month the previous year. Another notable decline can be seen with the Ford Bronco, which was recognized as Hotcars’ top pick for mid-size SUV of 2024. It experienced a significant drop of 32.42%. Even the F-Series trucks, which are a staple for Ford, saw a decrease of 8.21% in sales. The luxurious and highly praised Lincoln Navigator also experienced a dip in sales, declining by 3.95%.

Fortunately, the declining sales pattern that has been ongoing since 2015 does not appear to be strong enough to cause the extinction of the iconic American stunner, which has been galloping for 60 years. However, it is evident that more and more individuals are opting for SUVs, a trend that has been prevalent since the recession came to an end. With the increasing speed and capabilities of SUVs and crossovers in generating G-forces, the demand for smaller, weekend-friendly cars like the Mustang is on the decline. As a result, consumers are clearly demonstrating their preferences through their purchasing behavior. Nevertheless, we are relieved that Ford still offers the timeless Mustang with the powerful V8 engine.

Ford Authority is reporting that the latest updates to the popular Ford Explorer have been well received by consumers. The 2022 model year has brought significant changes for the Explorer, including a new Timberline trim level and a redesigned front end.Ford Authority has confirmed that the recent revisions made to the beloved Ford Explorer have been highly praised by customers. With the release of the 2022 model, there have been notable alterations to the Explorer, such as the addition of the Timberline edition and a revamped front fascia.The reputable source known as Ford Authority announced that the most recent enhancements to the in-demand Ford Explorer have garnered positive feedback from buyers. Significant changes have been made to the 2022 version, including the introduction of the Timberline variant and a refreshed front design.

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