Why Are 2022 Ford Explorer Monthly Payments so High?

Hold on to your wallet, the Ford Explorer might scare it away with high monthly payments. The Explorer must be doing something right because drivers are willing to shell out thousands to sit behind the wheel. Check out the average 2022 Ford Explorer payment. 

How much is the average 2022 Ford Explorer monthly payment? 

Front angle view of white 2023 Ford Explorer midsize SUV
2023 Ford Explorer | Ford

Drivers are paying about $750 per month for their 2022 Ford Explorer model. The high price isn’t deterring fans from this SUV, but it encourages people to consider other options. While $748 is the average finance payment amount, the Explorer is also a popular option to lease. 

Ford Authority shared that the Explorer was the fifth most leased vehicle in 2022. It came 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 lease an Explorer is $537. So leasing this SUV could save you about $213 a month. This comes to about $2,556 less a year. Leasing provides a more affordable option, especially for those who want more luxury features. 

However, leasing does come with a few drawbacks. You can only drive 10,500 miles per year before facing excessive mileage fees, and you may be responsible for certain types of damage. Also, forget about adding custom mods. 

But leasing requires a smaller down payment, provides a 36-month warranty, and sets you up with the latest tech. 

How much does the 2022 Explorer cost? 

The 2022 Ford Explorer MSRP starts at $35,510, and the top-spec King Ranch trim takes the price up to $53,630. These prices don’t include the $1,295 destination fee or dealership markups. 

Vehicle prices are higher than ever due to inflation and limited availability. Supply chain issues and shortages include semiconductor chips, rubber, seat foam, and even the blue oval badge. 

But why are people drawn to the Explorer? It gets expensive in a hurry, but it provides tons of versatility to meet various needs with eight different trim levels to consider, including a hybrid model. 

If you want to take your family on an adventure, then consider the Ford Explorer Timberline. It has standard all-wheel drive, a suspension lift, off-road suspension tuning, all-terrain tires, tow hooks, skid plates, the tow package, and a limited-slip rear differential. 

Speaking of towing, the Explorer can haul up to 5,600 lbs which is excellent for the class. You can go for an athletic and sporty experience with the ST, which features extra power, paddle shifters, and a sport-tuned suspension. 

The Explorer King Ranch turns up the luxury with premium leather upholstery, massaging front seats, wood trim, a digital gauge cluster, a larger infotainment screen, and rear parking sensors. 

Does the Explorer hold its value? 

A red 2022 Ford Explorer, where the advantages of the Ford Explorer can shine.
2022 Ford Explorer | Ford Media Center

The 2022 Ford Explorer is expected to depreciate by about 37 percent after five years of ownership. This leads to a five-year resale value of about $30,870. They maintain an excellent amount of their worth. 

Because the Explorer is in high demand and it’s a popular family option, people are more than willing to scoop them up. This is a good reason to consider buying an Explorer over leasing. You should be able to trade it in with solid benefits for your next vehicle. 

Ford Explorer monthly payments may be high due to inflation and demand. But the demand isn’t slowing down.