Ford has cut the price of the Explorer and Capri electric SUVs by around £5000 just a week after improving standard equipment levels and extending their ranges.
However, industry insiders have told Autocar that they're worried the move could have a knock-on impact on used car values, not just for Ford EVs but across the market.
The price of the Explorer has dropped by between £4035 and £4800, depending on spec, bringing the starting price down to £35,185 for the rear-driven 58kWh Style model.
The range-topping, four-wheel-drive, 77kWh Explorer Premium now costs less than £50,000. Before April it was nearly £54,000.
The price of the Capri has dropped by between £4080 and £5070, with the base 58kWh Style model now starting at £36,985.
In addition to the price cut, Ford has increased the equipment level and upgraded the battery of Standard Range cars to give them an additional 43 miles of range.
The extra kit includes an updated Sync infotainment system, uprated adaptive cruise control, a reversing assistant, a driver monitoring system and a three-pin outlet to power devices at up to 2.3kW.
Ford said the price cuts and upgrades were in response to the “highly competitive EV market”. Indeed, rivals including Tesla, Abarth and Vauxhall have made similar cuts in response to increased competition from cheaper rivals, notably those from Chinese brands.
The worry is that the price cuts could have a similar impact to Tesla’s slashing of Model 3 prices two years ago: a decrease in values of almost all used EVs. Since then there has been widespread uncertainty around used EV values.
A senior remarketing industry source told Autocar that Explorer values at the one-year-old, 10,000-mile point had already dropped by nearly 9% since December 2025, even before the latest new-car price cuts.
He added: “This could have a heavy impact on the market, because it sends out a shockwave through the leasing sector. It causes buyer caution, because they don’t know if there will be another cut, and that continues into used car values. People think [Ford] may do it again.
“This drop will hit monthly rentals through worsening residual values, and when trade buyers see this, they won’t bid as much: they will bid under book value. That will take time to level out.”
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I remember Ford doing something similar 15-17 years ago because their high list prices were penalising company car drivers. Company car tax is based on list price, not including discounts, so the high list price was just giving HMRC extra revenue and making Fords less desireable as company cars. Given many new EVs are company cars, this may also be part of the reason.
Surely the actual transaction price will be much the same? They've just transferred previous discounts to a lower list price. I'm sure leasing companies will have been negotiating deals with prices well below this so struggle to see this will upend residuals by much
I was at our local Ford dealership this week for a standard service on my wife's Puma and they have a 25 plate RWD Extended range Premium with 2400 miles for £28995 which I thought seemed not a bad deal. I would much rather one of these than any of the multiple named offerings from China because of servicing and build integrity plus Ford has been around for a long time so has been making the working man's car for decades. The Explorer is good...not loaded in useless baubles and reasonably good EV performance. As I was there, a family test drove it...but they didn't buy. Now.....even at £28995, it might not be a bargain after all. No I didn't buy it but also a fully optioned AWD in same age and mileage currently £30995 might still be tempting for £27000......buying cars has never been so complex or caused so much confusion.