Ford Explorer Depreciation
A Ford Explorer will depreciate 46% after 5 years and have a 5 year resale value of $27,026.
Drive a new Ford Explorer off the lot, and it will lose over a quarter of its value in the first two years. The Explorer has been a mainstay on the road for decades, and there are a ton of them in the marketplace. The healthy supply keeps a lid on resale values, as you can always find another one cheaper than the last. It's difficult to recommend a new Explorer from a value perspective, as their after-market prices don't keep pace with many of their peers.
The chart below shows the expected depreciation for the next 10 years. These results are for vehicles in good condition, averaging 12,000 miles per year. It also assumes a selling price of $50,225 when new. Enter your purchase price, expected ownership period and estimated miles driven annually. Our depreciation calculator will predict an expected resale value for the Ford Explorer.
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Ford Explorer Depreciation
| Years Old | Depreciation | Residual Value | Resale Value | Mileage | Resale Year |
|---|---|---|---|---|---|
| 1 | $13,732 | 72.66% | $36,493 | 12,000 | 2025 |
| 2 | $15,509 | 69.12% | $34,716 | 24,000 | 2026 |
| 3 | $18,809 | 62.55% | $31,416 | 36,000 | 2027 |
| 4 | $21,130 | 57.93% | $29,095 | 48,000 | 2028 |
| 5 | $23,199 | 53.81% | $27,026 | 60,000 | 2029 |
| 6 | $25,153 | 49.92% | $25,072 | 72,000 | 2030 |
| 7 | $28,849 | 42.56% | $21,376 | 84,000 | 2031 |
| 8 | $30,728 | 38.82% | $19,497 | 96,000 | 2032 |
| 9 | $32,159 | 35.97% | $18,066 | 108,000 | 2033 |
| 10 | $33,515 | 33.27% | $16,710 | 120,000 | 2034 |
Ford Explorer Depreciation
| Years Old | Depreciation | Residual Value | Resale Value |
|---|---|---|---|
| 1 | $13,732 | 72.66% | $36,493 |
| 2 | $15,509 | 69.12% | $34,716 |
| 3 | $18,809 | 62.55% | $31,416 |
| 4 | $21,130 | 57.93% | $29,095 |
| 5 | $23,199 | 53.81% | $27,026 |
| 6 | $25,153 | 49.92% | $25,072 |
| 7 | $28,849 | 42.56% | $21,376 |
| 8 | $30,728 | 38.82% | $19,497 |
| 9 | $32,159 | 35.97% | $18,066 |
| 10 | $33,515 | 33.27% | $16,710 |
Buying a Ford Explorer New vs Used
If you purchase a used Ford Explorer that is 2 years old, then you could save $15,509 compared to buying new, and still have a relatively new model with plenty of useful life remaining. If you plan to keep this vehicle for 3 years then your total cost of depreciation would be $7,690. Try other age and ownership length combinations, or different vehicles to see if you can find depreciation sweetspots where this cost is the lowest. Hint: Try vehicles between 2 and 4 years old, as brand new vehicles depreciate quickly. Also, if this is a recently released model and buying a few years old isn't possible, consider another vehicle, or perhaps wait until more used Explorer models become available.
What About Ford Explorer Insurance Costs?
The average cost to insure a Ford Explorer is about $2,373 per year. This adds up to around $11,865 after 5 years of vehicle ownership. Unlike depreciation, this expense can often be lowered by shopping around for lower insurance premiums. Comparing quotes will ensure that you are not overpaying if you already own a Ford Explorer. Or, if you are just researching, then it would be money-wise to know this cost before buying. Try our Competitive Quote Tool or the form below to get free quotes. Advertising Disclosure
The Best Model Years to Buy a Ford Explorer
The 2023 Ford Explorer is our top pick for the best model year value for the Explorer. With the 2023, you would only pay, on average, 73% of the price as new, with 92% of the vehicle's useful life remaining. The 2022 and 2021 model years are also attractive years for the Explorer, and provide a relatively good value. Our rankings consider multiple factors, including the Explorer's price as new, current price, maintenance costs and remaining years of overall predictabe expenses. Our top ranked model year represents the most car for the money of the Ford Explorer models.
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Ford Explorer Historical Depreciation
| Year | New Price | Current Price | Maintenance | $ Decline | % Decline | % Paid | Value Rating |
|---|---|---|---|---|---|---|---|
| 2024 | $50,225 | $50,225 | $376 | $0 | 0% | 100% | |
| 2023 | $51,177 | $37,185 | $443 | $13,040 | 25.96% | 72.66% | Best |
| 2022 | $49,132 | $33,961 | $547 | $3,224 | 8.67% | 69.12% | Better |
| 2021 | $49,053 | $30,685 | $716 | $3,276 | 9.65% | 62.55% | Better |
| 2020 | $48,629 | $28,172 | $855 | $2,513 | 8.19% | 57.93% | Good |
| 2019 | $42,033 | $22,620 | $1,074 | $5,552 | 19.71% | 53.81% | Good |
| 2018 | $41,079 | $20,508 | $1,244 | $2,112 | 9.34% | 49.92% | |
| 2017 | $41,872 | $17,821 | $1,309 | $2,687 | 13.1% | 42.56% | |
| 2016 | $41,743 | $16,203 | $1,353 | $1,618 | 9.08% | 38.82% | |
| 2015 | $38,732 | $13,930 | $1,412 | $2,273 | 14.03% | 35.97% | |
| 2014 | $34,710 | $12,739 | $1,499 | $1,191 | 8.55% | 36.7% | |
| 2013 | $33,834 | $11,400 | $1,633 | $1,339 | 10.51% | 33.69% | |
| 2012 | $33,016 | $10,461 | $1,764 | $939 | 8.24% | 31.68% |
| Year | Price | % Paid | Value Rank |
|---|---|---|---|
| 2024 | $50,225 | 100% | |
| 2023 | $37,185 | 72.66% | Best |
| 2022 | $33,961 | 69.12% | Better |
| 2021 | $30,685 | 62.55% | Better |
| 2020 | $28,172 | 57.93% | Good |
| 2019 | $22,620 | 53.81% | Good |
| 2018 | $20,508 | 49.92% | |
| 2017 | $17,821 | 42.56% | |
| 2016 | $16,203 | 38.82% | |
| 2015 | $13,930 | 35.97% | |
| 2014 | $12,739 | 36.7% | |
| 2013 | $11,400 | 33.69% | |
| 2012 | $10,461 | 31.68% |
Ford Explorer Depreciation Rankings
We've ranked over 200 models from best to worst for Depreciation. See where the Ford Explorer ranks for Depreciation compared to other vehicles. Also check out how the Explorer stacks up in our rankings for Maintenance, Insurance and Overall Costs.
Other Ford Explorer Costs of Ownership
Finding a car or truck that saves on depreciation costs is important. But, it's also imperative to view all major Ford Explorer costs. This will ensure that you are finding the vehicle that provides you the best value, at the lowest cost. We've created tools that will also help you to save on the following ownership expenses:
