Initial disclaimer: this deal is horrible, and I’m not signing it, but sharing for reference because there are so few posts on here for 3-row SUVs outside the typical ones discussed on here. And for good reason, as there are much better SUVs you get for this price point. But a data point is a data point, and there are certain people out there that like a specific car no matter how bad of a deal it is compared to others (like my wife!). I’m sharing the BEST initial offer I got of three (the other two were also local dealers with an on-the-lot or in-transit-to-them car).
The car quoted below is a 2023 Ford Explorer ST-Line AWD.
Things to note:
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I reached out to three dealers and told them I’d be willing to trade in my current Explorer lease that expires in two weeks (that has positive equity of about $2K, which would be used as a down payment) and buy the new one from them in the next two days, so give me a price with that in mind. I did NOT say “If I sign today, will you do $XXX per month all-in” as I typically would when I know what I want. So these numbers will be artificially high because this is the first and only price they gave me and I did not negotiate.
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The quote includes a $3,000 rebate. The folks on Edmunds said there is a $500 rebate in my area (CT), but I have no idea if the dealer is including that in the “rebate” line (I assume they are) and the other $2,500 is for returning an existing Explorer lease.
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I checked the MF and Residual rates on Edmunds for my area and they are currently 3.46% APR and 56% residual for a 36 month / 12,000 miles per year lease and 3.71% and 55% residual for 39 months/10,500 miles . I didn’t spend the time to check with the dealers for what they are actually using as their numbers (I just asked for the # of months and miles that would give me the best MF/APR and residual). Therefore, it’s possible (if not likely) that these numbers would come down a bit if I actually spent the time pushing on the mileage (e.g., 10,500) or months (e.g., 36). But still would not come down nearly enough to make this car worthwhile to lease.
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The price below includes local CT sales (6.35%) and property taxes (about $55/month), which for a Ford gets included in the price here.
In the end, the prices would drop about $100 if you take out taxes and my guess is that someone could get these numbers down another $100 a month if you really pushed, but it’s also end of year and who knows what 2024 will bring when these are sitting stale on the lot when the 2024s start to come in.
Anyway, hope this helps someone in the future!
