2023 Ford Explorer: True Cost of Ownership (5-Year Breakdown)
The 2023 Ford Explorer is a three-row midsize SUV that blends family-friendly space with a recognizable nameplate, making it one of America's best-selling SUVs. At around $33,000 for the base XLT trim, it appeals to families and commuters who need versatility without fully committing to a full-size price tag. This guide breaks down every dollar you'll spend over five years so you can buy with confidence.
Monthly cost breakdown
The 2023 Explorer depreciates at a faster-than-average rate for its segment, retaining roughly 45-48% of its value after five years — lagging behind rivals like the Toyota Highlander. Buyers who plan to sell or trade within three years will feel this most acutely.
Pros
- Strong network of Ford dealers keeps routine maintenance costs competitive and widely available
- 2.3L EcoBoost returns a reasonable 23 MPG combined, limiting fuel costs versus V6 competitors
- Active Ford Pass rewards program and frequent dealer incentives can offset scheduled service costs
- Wide availability of aftermarket and OEM parts keeps long-term repair pricing in check
Cons
- Depreciation curve is steeper than Toyota Highlander and Honda Pilot, costing real money at trade-in
- Insurance premiums run moderately high due to the Explorer's repair cost history and theft rates in some regions
- Ford's reliability ranking for this generation (2020+) sits below segment average per Consumer Reports
- The 2.3L EcoBoost requires premium-recommended fuel on some driving cycles, nudging fuel costs upward
Common problems to watch for
- 3.0L EcoBoost (ST/Platinum) has documented oil consumption issues requiring monitoring between changes
- Sync 4 infotainment system can freeze or lose connectivity, often requiring a software reset or dealer update
- Third-row seat latching mechanisms have drawn complaints about difficulty folding and occasional looseness
- Transmission hesitation or rough shifting has been reported on some 2.3L EcoBoost units at low speeds
- Panoramic roof rattles and occasional wind noise around the A-pillar trim are recurring complaints
The verdict
The 2023 Ford Explorer is a capable, spacious SUV that becomes a reasonable ownership proposition if you buy at or below MSRP and hold it long enough to amortize depreciation. However, cost-conscious buyers who plan to flip the vehicle within three years or who prioritize reliability rankings should seriously cross-shop the Toyota Highlander or Kia Telluride, both of which carry lower five-year ownership costs. If you go Explorer, negotiating dealer incentives and locking in a solid extended warranty can meaningfully improve the total-cost picture.
Best for: This vehicle is best for suburban families who prioritize interior space, towing capability up to 5,600 lbs, and a low entry price, and who plan to keep the SUV for 5+ years to offset its steeper depreciation curve.
Other model years
Frequently asked questions
What is the real MPG for a 2023 Ford Explorer in everyday driving?
Most owners report 20-22 MPG in mixed city/highway driving with the 2.3L EcoBoost, slightly below the EPA's 23 MPG combined estimate. At $3.50/gallon and 12,000 miles/year, expect to spend roughly $1,900-$2,100 annually on fuel.
How much does it cost to insure a 2023 Ford Explorer?
Average full-coverage insurance for a 2023 Explorer runs approximately $1,800-$2,400 per year depending on your location, driving record, and coverage limits — roughly $187/month in our model.
How reliable is the 2023 Ford Explorer?
Ford's fourth-generation Explorer has shown improvement over the troubled 2020 debut year, but Consumer Reports still rates it below average for predicted reliability, primarily due to infotainment and powertrain concerns worth monitoring.
What is a 2023 Ford Explorer worth after 5 years?
Based on current depreciation trends, a 2023 Explorer purchased at $33,000 is projected to be worth approximately $15,000-$16,500 after five years and 60,000 miles, representing a depreciation loss of roughly $24,700.
Does the 2023 Explorer require premium gas?
The base 2.3L EcoBoost is designed to run on regular 87-octane fuel, though Ford suggests 93-octane for maximum performance; the 3.0L ST and Platinum trims recommend premium fuel, which noticeably increases annual fuel costs.
How does the 2023 Explorer compare cost-wise to the Toyota Highlander?
The Toyota Highlander typically costs $3,000-$5,000 less to own over five years due to lower depreciation and better reliability scores, making it the stronger value pick, though the Explorer often has a lower entry price and more aggressive dealer discounts.
Get the exact cost for your budget
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Estimates are AI-generated guidance based on typical costs for this year, make and model.