Ford Explorer Lease
The average cost of a Ford Explorer lease ranges from approximately $500 to $700 a month.
Written by Maxine Boyko
Reviewed by Jessica Barrett
If you want to lease a new Ford Explorer, expect to pay between $497 and $691 per month, depending on the trim level, down payment, your credit score, and other negotiated costs.
For an affordable, versatile, and spacious vehicle, the Ford Explorer is a top pick. Introduced in 1991 to replace the two-door Bronco II, the Explorer was the first four-door SUV manufactured by Ford. If you want to drive one of America’s best-selling SUVs without taking out a traditional
car loan
, you might enjoy the flexibility that leasing offers. While leasing usually comes with more stipulations than your typical auto loan, you’ll get to drive a vehicle in its prime with lower average monthly payments.
If you’re ready to explore the world of Ford Explorer leases,
Jerry
the car insurance
comparison super app is here to guide the way. We’ll explain how a lease works, how much an Explorer lease costs, and what you should look at for near the end of your lease term. Then, we'll drop some tips for saving on your Ford Explorer insurance cost
.How to lease a Ford Explorer
Leasing a Ford Explorer is a pretty straightforward process—and as long as you stick to this checklist, you’ll set yourself up for the best possible deal.
- To start things off, check your credit score. If you have a sub-520 credit score, you will be ineligible for leasing, and a score under 630 is considered poor. A score of 650 and above is generally considered ideal for scoring a strong lease deal.
- Your next step is to make a leasing budget. You’ll want a monthly payment that’s no more than 15% of your monthly income. That means if you make $4,000 per month, you can afford to pay up to $600 per month. Although, if you can pay 10% maximum or $400 monthly, you’ll be in an even better position.
- Calculatehow much you can afford for a down payment. Also known as a capitalized cost reduction, your down payment helps to bring down your monthly expenses. Take some time to save up some money for your upfront costs so you get a better bargain.
- Determine your annual mileage needs. You can get a Ford Explorer with an annual mileage between 7,500 and 19,500 miles. Choose your mileage limits according to your driving habits. Consider factors such as work and school commutes, running errands, and road trips.
After you’ve worked out the financial aspects of leasing your Explorer, it’s time to
compare lease offers
at your local Ford dealership. All of the work you put into figuring out your budget ahead of time will help you in two ways: one, you will be able to comfortably gauge which Explorer you can afford, and two, you can negotiate better lease terms. The final step: shop for insurance
Whether you choose to own or lease, your Explorer needs car insurance. Leased cars are usually required to have what's called "
full-coverage insurance
" per dealer stipulations.How much does a Ford Explorer lease cost?
On average, it costs about $500 to $700 a month to lease a Ford Explorer.
Exact costs, however, will depend on a few different factors, including trim level and extra features, the terms of your lease, your down payment, and your credit score. There are also natural fluctuations in lease costs based on the time of the year and your location.
Trim level is a significant factor in determining how much you’ll pay to lease a Ford Explorer. If you want a daily driver, you’ll pay the most modest price on the base model trim. Comparatively, if you want the best the lineup has to offer, expect to shell out extra costs, as would be the case in the
Platinum
or ST
trim. Let’s check out how your monthly payment and amount due at signing change as you go up the 2022 Explorer’s trim levels. Let’s assume you have a decent credit score between 690 and 719, and that you can put down $3,504 on a 36-month lease with a 10,500 annual mileage.
Trim level | Monthly payment | Amount due at signing |
|---|---|---|
Base | $426 | $3,930 |
XLT | $416 | $4,270 |
ST-Line | $514 | $5,168 |
Limited | $497 | $5,226 |
Timberline | $530 | $5,334 |
ST | $528 | $5,432 |
King Ranch | $595 | $6,124 |
Platinum | $656 | $5,954 |
While the trim level greatly influences your monthly payment, there are several other upfront costs to consider. Taxes, titling, licensing, fees, and other costs, such as an acquisition fee, will also contribute to the ultimate price you should expect to pay at signing.
If you’re a
military member
, college student
, or first responder
, you could be eligible for at least a $500 rebate through their special pricing offers, which could significantly reduce the cost of your Ford Explorer lease. Services included in a Ford Explorer lease
Your Ford Explorer lease will come with
Ford Credit
, which absolves the lessee of charges for normal vehicle wear and use. You can check your lease agreement for the specifics of what is considered normal wear and use, but here is a general overview of what Ford Credit will and will not service under the lease agreement: Damage | Covered | Not covered |
|---|---|---|
Exterior body panel (dings, dents, scratches) | Maximum of three per panel or a diameter of less than four inches | Four or more per panel or a diameter of more than four inches |
Glass | No | Extra charge for glass damage |
Headlights, taillights, and markers | Scratches and scuffs | Broken or cracked |
Wheels | Scratches and gouges less than six inches | Scratches and gouges more than six inches |
Tires | No | Sidewall damage/plugs, exposed cords/belt. Tires that aren’t appropriate vehicle match |
Interior burn holes | Maximum of two per panel with a diameter of less than 1/8 inch | three or more per panel or a diameter of more than 1/8 inch |
Interior permanent stains | One per panel or less than 1/2 inch | Two per panel or more than 1/2 inch |
Interior cuts and tears | Maximum of two per panel less than 1/2 inch | Three or more per panel or more than 1/2 inch |
If you choose to purchase additional protection, Ford Credit also offers
WearCare
services for a maximum of 48 months. WearCare will waive up to $5,000 of excess wear and use charges under most circumstances, as seen above, and will additionally cover missing or broken parts up to $200 in value.Ford also recommends a maintenance interval between 5,000 and 10,000 miles for everyday commuting, which includes routine engine oil changes, tire rotation, and general parts inspection. If you drive a 4-wheel Explorer, this will also involve a rear axle and U-joints inspection.
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What to do when your Ford Explorer lease is up
Once you're at the end of your Ford Explorer lease, you have three options. You may choose to:
- Turn in your leased vehicle and buy or lease a new Ford vehicle
- Purchase your leased vehicle
- Complete the return checklistand return your vehicle to the dealership
How to return a leased Ford Explorer
At the end of your lease, you must complete an end-of-lease inspection before returning your Ford Explorer.
You should first assess your vehicle’s condition for any wear and tear and excess mileage using the
wear and use evaluator card
. This provides you the opportunity to make repairs that may be covered by your insurance prior to inspection so that you can avoid paying out of pocket for excess wear and use-related charges. Next, schedule your
return inspection
. A third-party vehicle inspection company will contact you 35 to 45 days before your lease is scheduled to end. Gather all the items that came with your vehicle so that they are also included with the inspection, such as owner’s manuals, floor mats, and keys and key fobs.If you’d like to be proactive, you are allowed to schedule your inspection up to 60 days before the end of your lease. If you choose to start the process early, you can use the
online scheduling tool
or call 877-320-1343 to schedule your lease-end inspection. After the inspection, you will receive a vehicle condition report. If you opt to have any repairs done using Ford dealership services, be sure to retain copies of the receipts. Be sure to complete the following before your lease-end date:
- Sign the odometer statement
- Satisfy any financial obligations, such as mileage and/or wear and use charges
- Pay the lease disposition fee (if applicable)
- Complete the vehicle return transaction
How to purchase a leased Ford Explorer
One advantage of buying your leased Explorer is that you won’t be responsible for any excess wear and use or excess mileage charges.
If you choose to purchase your Explorer, contact your dealership or call 1-800-727-7000 to discuss the following details:
- Your purchase options
- The payoff quote or final purchase price
- Setting up an appointment to buy your vehicle before the end of your lease date
How to find the best car insurance for a Ford Explorer lease
Whether you’re leasing or buying, make sure your vehicle is insured. The
Jerry
app gives you access to a truckload of quotes from dozens of top insurance providers within seconds. Want to know more? Jerry is a
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