this is why I said that it is used as an “internet price” or “dealer discount”, they are showing the discounted price assuming the PCO. Happens at almost every Ford dealership in my state. Read the fine print on many of those discounts and you’ll see it OR worse case, you find out while you’re negotiating price and they say “wait, your PCO is already included in our discount” Hahahaha
IMO It depends completely on how shady the dealership is. Before buying my FX4, I was looking at Power Wagons and Ram dealerships will do the same thing. Posting "Internet Prices" that will include all rebates and incentives and even stack ones that actually can't be stacked (for example: loyalty incentives from trading in another FCA vehicle would be included in the total discount price along with a Conquest discount for trading in a competitor's truck). And they'd just put a little asterisk saying that not all buyers will qualify for all incentives. It's BS and those dealers should be avoided, IMO.
Although including PCO's which are even more limited in an internet price is even more shady IMO than just stacking all current incentives.
Legit dealers will list MSRP and Dealer Discount amounts and then also list a total amount after all other incentives. It's really the dealer discount that they'll give to anybody that is the important number to focus on IMO.