Keep your wallet tight, the Explorer may scare it with high monthly payments. The Explorer must be doing something right because drivers are willing to shell out thousands of euros to get behind the wheel. Check the average payout.
How much is the average monthly payment for Ford Explorer 2022?
Drivers are paying about $750 a month for their 2022 model year. The high price tag doesn’t deter fans from this SUV, but it does encourage people to consider other options. While $748 is the average finance payment amount, the Explorer is also a popular option for leasing.
shared that the Explorer was the fifth most rented vehicle in 2022. It finished behind the Chevy Equinox, Ford F-150, Honda CR-V, and Jeep Wrangler, which are pretty prestigious rivals to consider.
The average monthly payment to rent an Explorer is $537. So renting this SUV could save you about $213 a month. That comes to about $2,556 less per year. Leasing offers a more affordable option, especially for those who want more luxurious features.
However, leasing has some drawbacks. You can only drive 10,500 miles a year before incurring excessive mileage charges, and you could be liable for some types of damage. Also, forget about adding custom mods.
But leasing requires a lower down payment, offers a 36-month warranty, and equips you with the latest technology.
How much does Explorer 2022 cost?
The 2022 MSRP starts at $35,510, and the higher-end King Ranch trim bumps the price up to $53,630. These prices do not include the $1,295 destination tax or dealership markups.
Vehicle prices are higher than ever due to inflation and limited availability. Supply chain issues and shortcomings include semiconductor chips, rubber, seat foam, and even the blue oval badge.
But why are people drawn to the Explorer? It gets expensive fast, but it offers tons of versatility to suit various needs with eight different trim levels to consider, including a hybrid model.
If you want to take your family on an adventure, consider the Ford Explorer Timberline. It has standard all-wheel drive, suspension lift, off-road suspension tune, off-road tires, tow hooks, skid plates, towing package and limited slip rear differential.
Speaking of towing, the Explorer can haul up to 5,600 pounds, which is excellent for the class. You can have an athletic and sporty experience with the ST, featuring extra power, paddle shifters and sport-tuned suspension.
The Explorer King Ranch steps up the luxury with premium leather upholstery, massaging front seats, wood trim, a digital instrument cluster, larger infotainment screen, and rear parking sensors.
Does the Explorer retain its value?
Expect approximately 37% depreciation after five years of ownership. This leads to a five-year resale value of approximately $30,870. They hold an excellent amount of their value.
Since the Explorer is in high demand and is a popular family option, people are more than willing to pick them up. This is a good reason to consider buying an Explorer over leasing. You should be able to trade it in for solid benefits for your next vehicle.
Ford Explorer monthly payments can be high due to inflation and demand. But demand isn’t slowing down.