Ford Explorer Cost of Ownership
Ford Explorer Cost: A Comprehensive Breakdown of
Pricing and Ownership Expenses
Pricing and Ownership Expenses
If you're considering adding a Ford Explorer to your garage, understanding the total cost of ownership is crucial. When considering the purchase of a new Ford Explorer, it's essential to understand the various costs associated with ownership. This midsize SUV offers versatility and performance, but it's essential to know how much it will truly cost you in the long run. In this guide, Hoffman Ford will break down everything from purchase price to insurance and maintenance costs, helping you make an informed decision.
Purchase Price and Incentives
According to KBB, the 2024 Ford Explorer costs around $48,000-51,000 at the point of purchase. The final cost can vary significantly depending on the trim level and the options you choose. The model year of the Ford Explorer can also significantly impact the purchase price, with newer models typically costing more than older ones. Many dealerships, including Hoffman Ford, often provide incentives and discounts that can help lower the purchase price.
When negotiating, consider the invoice price and current market value of the vehicle. It's also beneficial to research different trim levels and model years to identify the best value. Keep an eye out for any available rebates or promotions that may be applicable in your area, as these can further reduce your overall cost.
Ownership Costs: Five-Year Breakdown
When estimating the Ford Explorer cost over five years, you might expect to spend around $59,000-75,000, according to KBB. It's also important to compare depreciation rates to understand how the Ford Explorer's value changes over time compared to other vehicles. This range accounts for various factors such as depreciation, taxes, fees, financing, and insurance.
Using an online cost calculator can help you estimate the total cost of ownership more accurately to your own specific variables. Comparing these costs against similar vehicles will also provide valuable insights, allowing you to make a more informed decision.
Fuel Economy and Real-World MPG
Fuel economy plays a significant role in ownership costs. The most fuel-efficient Ford Explorer models, particularly those with rear-wheel drive and the 2.3L four-cylinder engine, are rated at 20 MPG city and 29 MPG highway. Good fuel efficiency like that found in the Ford Explorer can save significant fuel costs over the course of a year.Â
Remember that real-world fuel economy can fluctuate based on driving habits and conditions. Be sure to factor fuel costs into your overall estimate of ownership expenses.
Insurance Costs
Insurance is another vital aspect of the Ford Explorer cost. On average, insuring a Ford Explorer runs about $4,000-11,000 over five years. This amount can vary based on your chosen trim level, additional options, and your personal driving history.
To find the best insurance rates, shop around and consider getting multiple quotes. Bundling insurance policies, such as auto and home insurance, can also lead to significant savings.
Maintenance and Repair Costs
Maintenance costs for a Ford Explorer typically range from $3,000-4,000 over five years, depending on the trim and its options. Repair costs can vary based on the vehicle's age and condition, so it's wise to budget for unexpected repairs.
To mitigate these costs, consider purchasing an extended warranty, which can cover maintenance and repair expenses. Additionally, researching the reliability and durability of the Ford Explorer can provide insight into potential long-term costs.
Warranty and Maintenance Coverage
Ford offers a comprehensive warranty package: a 3-year/36,000-mile basic warranty and a 5-year/60,000-mile powertrain warranty. This coverage can significantly impact the overall Ford Explorer cost by providing peace of mind against potential mechanical failures.
If you're concerned about future maintenance costs, an extended warranty may be a good investment. Investigate the warranty options available from Ford and other manufacturers to make the best choice for your situation.
Vehicle Features and Options
The Ford Explorer is designed to cater to a wide range of needs and preferences, offering an impressive array of features and options. Key highlights include a 13.2-in. LCD touchscreen infotainment system compatible with Apple CarPlay® and Android Auto™, providing seamless connectivity and entertainment. The redesigned dashboard features more soft-touch materials and a new interior color scheme, enhancing the overall aesthetic and comfort. The standard third-row seat is easily accessible thanks to a mechanism that moves the second-row seat out of the way, making it convenient for families. Engine options range from a 2.3L turbocharged 4-cylinder to a 3.0L twin-turbo V6, paired with a 10-speed automatic transmission and available in rear-wheel or all-wheel drive. With a maximum towing capacity of 5,000 lbs. and a suite of safety features like blind-spot monitoring, lane departure warning, and forward collision warning, the Ford Explorer is well equipped to handle various driving scenarios.
Towing and Payload Capacity
For those who need a vehicle capable of handling more demanding tasks, the Ford Explorer offers a maximum towing capacity of 5,000 lbs. This makes it suitable for towing small- to medium-sized trailers, whether for recreational or work purposes. The payload capacity, which varies depending on the trim level and engine, can reach up to 1,500 lbs. It's important to consider that towing and payload capacities can influence the vehicle's depreciation and maintenance costs. Regularly towing heavy loads can lead to increased wear and tear, potentially affecting the vehicle's long-term value and reliability.
Engine and Transmission Options
The Ford Explorer provides two robust engine options to suit different driving needs. The 2.3L turbocharged 4-cylinder engine delivers 300 horsepower and 310 lb.-ft. of torque, offering a balanced mix of power and efficiency. For those seeking more performance, the 3.0L twin-turbo V6 engine boasts 400 horsepower and 415 lb.-ft. of torque, ensuring a more exhilarating driving experience. Both engines are paired with a 10-speed automatic transmission, available in either rear-wheel drive or all-wheel drive configurations. These engine and transmission options not only impact the vehicle's performance and fuel economy but also play a role in determining maintenance costs over time.
Shopping Tools and Tips
When it comes to shopping for a Ford Explorer, using online tools to compare prices, features, and options can save you time and money. Consider the ST-Line trim if you're looking for a mid-level option that combines sporty aesthetics with a more affordable price. Consider visiting multiple dealerships to test-drive different models and see what best fits your needs.
Researching the reliability and durability of the Ford Explorer can also help you estimate ownership costs. Using a cost calculator can provide a clearer picture of what you might spend over the life of the vehicle.
Shop Ford Explorer Models
The Ford Explorer stands out as a versatile midsize SUV with a range of features and options to meet diverse needs. While its depreciation rate is slightly higher than the average, it's essential to weigh this against other factors such as maintenance costs, insurance expenses, and overall value. By thoroughly understanding the vehicle's features, options, and depreciation rate, you can make a well-informed decision when purchasing a new or used Ford Explorer. This comprehensive approach ensures that you invest in a vehicle that aligns with your lifestyle and financial goals.
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Hoffman Ford
5200 Jonestown Road
Harrisburg, PA 17112
- Sales: 717-910-6651
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