2022 Ford Explorer: True Cost of Ownership (5-Year Breakdown)
The 2022 Ford Explorer is a three-row midsize SUV that blends family-friendly space with a recognizable nameplate, appealing to households needing room for seven passengers plus cargo. Powered by a turbocharged 2.3L EcoBoost four-cylinder as standard or an available 3.0L twin-turbo V6, it competes directly with the Chevrolet Traverse and Jeep Grand Cherokee L. It's best suited for suburban families who want a capable daily driver with Ford's dealer network backing them up.
Monthly cost breakdown
The 2022 Explorer depreciates at a steeper-than-average rate for its class, losing roughly 45-50% of its value over five years — expect a resale value near $19,000-$21,000 by year five, which lags behind rivals like the Toyota Highlander.
Pros
- Ford's extensive dealer network means competitive pricing on routine maintenance and easy access to warranty work nationwide
- Standard 2-year/24,000-mile complimentary maintenance (oil changes, tire rotations) reduces out-of-pocket costs in early ownership
- Strong towing capacity of up to 5,600 lbs adds genuine utility that justifies the SUV premium for owners who actually tow
- Three-row seating and a separate rear cargo area reduce the need for a second vehicle, consolidating family transportation costs
Cons
- Depreciation is a significant liability — the Explorer loses value faster than class leaders like the Highlander or Kia Telluride, hurting total cost of ownership
- Fuel economy of 20 mpg city / 27 mpg highway on the base engine is merely average, translating to roughly $2,376 per year at $3.30/gallon for 12,000 miles
- Insurance costs run above the class midpoint due to the Explorer's repair cost history and popularity as a theft target in some metro markets
- The 2.3L EcoBoost's oil dilution issue can shorten engine life and void warranty coverage if not proactively monitored, adding an unexpected maintenance burden
Common problems to watch for
- EcoBoost engine oil dilution with fuel, a documented issue on 2.3L-equipped Explorers that can accelerate engine wear if ignored
- Panoramic roof rattles and occasional stress cracking, a recurring complaint on 2020-2022 model years
- Infotainment system freezes or slow response with the SYNC 4 interface, often addressed via software updates but persistently frustrating
- Rear-axle and suspension clunks reported on higher-mileage examples, particularly in colder climates
- Transmission hesitation or rough shifting on early 10-speed automatic units, which Ford has issued multiple TSBs to address
The verdict
The 2022 Ford Explorer is a competent, well-rounded SUV, but its faster-than-average depreciation and known EcoBoost oil-dilution concerns make it a middling value play compared to a Toyota Highlander or Kia Telluride at similar price points. If you negotiate aggressively below sticker and plan a 3-year ownership cycle, the math improves considerably. Buyers who prioritize resale value or long-term reliability should cross-shop carefully before committing.
Best for: Families of 5-7 who prioritize Ford's dealer footprint, need occasional towing ability, and plan to trade in within 3-4 years before depreciation fully bites.
Frequently asked questions
How much does a 2022 Ford Explorer cost per month to own all-in?
When you factor in depreciation, insurance, fuel, maintenance, and taxes, expect roughly $1,100-$1,150 per month on average over five years — not including any loan interest payments on top of that.
What is the 5-year resale value of a 2022 Ford Explorer?
Based on current market trends, a 2022 Explorer purchased at $38,000 will likely be worth approximately $19,000-$21,000 after five years and 60,000 miles, representing a depreciation loss of around $17,000-$19,000.
Is the 2022 Ford Explorer reliable?
It's rated as average for reliability in its class — J.D. Power gave the 2022 Explorer a 77/100 for initial quality, but owner reports flag recurring issues with the EcoBoost engine oil dilution, infotainment glitches, and transmission behavior that temper long-term confidence.
How much does it cost to insure a 2022 Ford Explorer?
National average insurance for a 2022 Explorer runs approximately $1,900-$2,200 per year ($158-$183/month), though your rate will vary based on location, driving record, and coverage levels.
What is the fuel cost for a 2022 Ford Explorer at 12,000 miles per year?
With the base 2.3L EcoBoost averaging roughly 22 combined mpg and gas at approximately $3.30/gallon, expect to spend around $1,800-$2,400 per year on fuel depending on your city vs. highway driving mix.
How does the 2022 Ford Explorer compare to the Toyota Highlander for cost of ownership?
The Toyota Highlander generally wins on total cost of ownership — it depreciates more slowly (losing roughly 35-40% over five years versus the Explorer's 45-50%), has lower reported repair costs, and scores higher on long-term reliability surveys, making it a better value for buyers planning 5+ years of ownership.
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Estimates are AI-generated guidance based on typical costs for this year, make and model.