My wife and I are car shopping since her current one is on its last leg. We now have twins, so we’re looking for something with a third row and plenty of space—an Explorer seems to fit the bill!
We’re stuck deciding between buying new or used. If we go used, we’d aim for something with under 50k miles. We have $8–10k saved for a down payment and excellent credit. Ideally, we want to keep our monthly payment at $550 or less for a five-year loan.
Any tips on what to look for? What’s the best pricing range for a used Explorer? And if we go new, are there any deals we should check out?
With your budget and excellent credit, you could afford a brand-new Explorer in a mid-range trim like Limited or Timberline. Adding an extended warranty could give you peace of mind. Buying new means no inheriting issues from the previous owner.
@Abi
I’m leaning towards new for that reason. Paying an extra $100–150 per month feels worth it to avoid high-interest rates on used cars and potential problems. Thanks!
Wylie said: @Abi
I’m leaning towards new for that reason. Paying an extra $100–150 per month feels worth it to avoid high-interest rates on used cars and potential problems. Thanks!
Ford is running a financing special right now—2.9% for four years. Your payment might not be much higher than a used car at 7% interest. Don’t wait too long, though, since these deals will end when the 2024 models arrive.
@Abi
We’re planning to buy within the month. I’ll check it out when we visit the dealer this week. It’s my first time buying a car, so I’m nervous, but I’ve done some research on avoiding dealer traps.
For your budget, I’d recommend going used. My wife and I recently shopped for an Explorer and found that brand-new models with higher trims could run $1,100 per month. XLT trims are more affordable and common. Also, I’d avoid the 2020 models—it was the first year of the redesign, and they had a lot of issues.
I’d avoid Explorers entirely. I’ve owned a couple, and both had numerous electrical issues and transmission failures before 150k miles. If reliability is a priority, consider something like the Lexus GX 460 instead.
@Soren
That’s surprising—I’ve had 9 Explorers since 1999 and only had minor issues like wheel bearings. My neighbor’s 2015 has over 200k miles and is still going strong. I think maintenance plays a huge role.
With your budget and excellent credit, going new might be smarter. Used car prices are still inflated, and interest rates on used vehicles are higher. Research trim levels and features online, then check local dealers for inventory. Negotiations might be limited, so expect to pay close to sticker price. Good luck!
Consider leasing. I have a 2021 XLT with a $440 monthly payment. They even offered me a deal to trade up to a new one for just $27 more per month. Leasing might work well if you plan to upgrade in a few years.