How to Get the Best Deal on a Ford Explorer in 2024: Insider Tips and Data

Feb 27

Are you in the market for a Ford Explorer? You're in luck! As someone who grew up driving Explorers, I've got some insider knowledge to share. Plus, with recent market changes, now might be the perfect time to consider this classic American SUV. Let's dive into the data and strategies to help you snag the best deal possible.

The Explorer's Comeback: A Pleasant Surprise

Recently, a friend of mine - who's usually a tough critic and import car enthusiast - rented an Explorer for a trip. To my shock, he was impressed with the base model's quality and performance. This got me thinking: Could the Explorer be making a comeback?

Current Market Trends

With potential tariffs on Canadian and Mexican-made imports, including some Honda and Toyota models, domestically produced vehicles like the Explorer (made in Chicago) are becoming more attractive options. Let's look at some key factors:

Historical Sales Data

Best year (past 15 years): 2017 with 271,000 units sold
Current sales: About 190,000 units in 2024
Competitors: Jeep Grand Cherokee leads with 220,000 units

Current Inventory

Ford Explorer: 23,000 units in stock
Trim breakdown:
- 4-cylinder models: 17,000 units
- 6-cylinder models: 7,000 units
- ST: 4,700 units
- ST-Line: 2,780 units
- Platinum: 2,200 units
- Active (base model): 11,000 units

Getting the Best Deal: Insider Tips

Target Discount

Aim for 7-10% off MSRP. Dealers may resist at 5-6%, but don't give up. Push for that full 10% discount.

Example: Explorer ST-Line AWD

MSRP: $48,605
Target selling price (10% off): $43,744

Current Incentives

5.9% promotional financing at 60 months OR $1,500 cash incentive
Trade-in credit: $3,000 for eligible trade-ins
Conquest bonus: $2,000 for Jeep or GM owners (can't be stacked with trade-in credit)

Financing Example

Assuming 10% discount and $1,500 incentive:

Financed amount: $42,244
Rate: 4.9% @ 60 months
Monthly payment: $811 (including taxes and fees)
Total 5-year cost: $51,369
Estimated 5-year resale value: $26,246 (based on 51-54% retention)

Leasing Option

For an Active AWD model:

39-month lease, 12,000 miles/year
60% residual, 5.71% APR, $500 lease cash
Monthly payment: $547 (assuming 10% off MSRP and paid inception fees)
Total 3-year cost: $24,260

Is the Explorer Right for You?

The Ford Explorer offers a compelling package, especially with current market conditions. Whether you choose to finance or lease, the total costs over time seem to balance out. Your decision should ultimately come down to your monthly budget and personal preferences.

Remember, the key to getting the best deal is being informed and persistent. Don't be afraid to negotiate, and always consider all available incentives and options.

Did you find this information helpful? If so, be sure to check out our other car-buying guides and subscribe for more insider tips. Happy car shopping!

Ari Janessian