Hey guys! Are you looking to get behind the wheel of the sporty and powerful 2023 Ford Explorer ST without breaking the bank? Leasing might be the perfect option for you! In this article, we'll dive deep into everything you need to know about 2023 Ford Explorer ST lease prices, factors affecting those prices, and how to snag the best possible deal. So buckle up, and let's get started!

Understanding the 2023 Ford Explorer ST

Before we jump into the nitty-gritty of lease prices, let's take a moment to appreciate what the 2023 Ford Explorer ST brings to the table. The Explorer ST is the performance-oriented version of the popular Ford Explorer SUV. It boasts a potent 3.0-liter EcoBoost V6 engine that delivers an impressive 400 horsepower and 415 lb-ft of torque. This power, combined with a sport-tuned suspension and aggressive styling, makes the Explorer ST a blast to drive. Ford's Explorer ST also offers a comfortable and spacious interior, a wealth of technology features, and plenty of cargo space, making it a practical choice for families and adventure-seekers alike. The 2023 Ford Explorer ST is designed for those who crave a thrilling driving experience without sacrificing everyday usability. This model year continues the ST's tradition of blending performance with practicality, making it a popular choice among SUV enthusiasts. Inside, you'll find unique ST badging, bolstered seats, and sporty accents that enhance the overall driving experience. The advanced technology features, such as the 12.3-inch digital instrument panel and the SYNC 3 infotainment system, keep you connected and entertained on the go. Safety is also a priority, with features like Ford Co-Pilot360 providing added peace of mind. Leasing a 2023 Ford Explorer ST allows you to enjoy all these benefits without the long-term commitment of buying. You can experience the thrill of driving a high-performance SUV while keeping your options open for future upgrades or changes in your vehicle needs. Plus, with a lease, you typically only pay for the depreciation of the vehicle during the lease term, which can result in lower monthly payments compared to financing.

Factors Influencing the 2023 Ford Explorer ST Lease Price

Several factors can impact the monthly lease price of a 2023 Ford Explorer ST. Understanding these factors can help you negotiate a better deal and save money in the long run. Here are some key elements to keep in mind:

• MSRP (Manufacturer's Suggested Retail Price): The MSRP is the sticker price of the vehicle, and it serves as the starting point for lease calculations. Generally, the higher the MSRP, the higher the lease payment will be. Keep an eye out for any available discounts or incentives that can lower the MSRP and, consequently, your lease payment. The MSRP is influenced by the trim level, options, and packages you choose. The more features and upgrades you add, the higher the MSRP will be. However, it's important to note that the MSRP is just a starting point, and dealers often offer discounts or incentives that can bring the actual selling price down. Negotiating the selling price before you start discussing lease terms is crucial, as it can have a significant impact on your monthly payments.
• Residual Value: The residual value is an estimate of what the vehicle will be worth at the end of the lease term. This is set by the leasing company and is based on factors like the vehicle's expected depreciation, mileage, and overall condition. A higher residual value means that the vehicle is expected to retain more of its value, resulting in lower lease payments. Conversely, a lower residual value means higher lease payments. Leasing companies use historical data and market trends to predict residual values, but they can vary depending on the specific model and lease term. Factors like the vehicle's popularity, reliability, and demand in the used car market can all influence the residual value. It's worth researching the residual value of the 2023 Ford Explorer ST to get an idea of what to expect.
• Money Factor: The money factor, also known as the lease factor, is essentially the interest rate you're paying on the lease. It's expressed as a small decimal, such as 0.00050, but you can convert it to an approximate annual percentage rate (APR) by multiplying it by 2400. In this case, 0.00050 x 2400 = 1.2%. The money factor is determined by the leasing company and is based on factors like your credit score, the current interest rate environment, and the specific vehicle being leased. A lower money factor translates to lower lease payments, so it's important to shop around and compare money factors from different lenders. Your credit score plays a significant role in determining the money factor you'll receive. A higher credit score typically qualifies you for a lower money factor, while a lower credit score may result in a higher money factor or even denial of the lease application. It's a good idea to check your credit score before you start shopping for a lease to get an idea of where you stand.
• Lease Term: The lease term is the length of the lease agreement, typically expressed in months (e.g., 24 months, 36 months, 48 months). Shorter lease terms generally have higher monthly payments because you're paying off the depreciation over a shorter period. Longer lease terms have lower monthly payments but may result in higher overall costs due to increased interest charges and potential maintenance expenses. The ideal lease term depends on your individual needs and preferences. If you prefer to drive a new car every few years, a shorter lease term might be a good option. If you're looking for the lowest possible monthly payment, a longer lease term might be more appealing. However, it's important to consider the potential drawbacks of a longer lease, such as the increased risk of exceeding the mileage allowance and the potential for higher maintenance costs.
• Down Payment: A down payment, also known as a capitalized cost reduction, is the amount of money you pay upfront at the beginning of the lease. While it can lower your monthly payments, it's generally not recommended to put a large down payment on a lease. If the vehicle is stolen or totaled, you may not get your down payment back. Additionally, a large down payment can mask other unfavorable lease terms, such as a high money factor. It's generally better to negotiate the lowest possible monthly payment without putting a significant amount of money down. A smaller down payment or even no down payment can be a smarter financial move, as it reduces your risk and allows you to keep more of your cash in your pocket. However, if you're struggling to get approved for a lease or if you're looking to significantly lower your monthly payments, a small down payment might be necessary.
• Mileage Allowance: The mileage allowance is the number of miles you're allowed to drive each year under the lease agreement. Common mileage allowances are 10,000, 12,000, or 15,000 miles per year. If you exceed the mileage allowance, you'll be charged a per-mile fee at the end of the lease term. It's important to accurately estimate your annual mileage needs to avoid these overage charges. If you know you'll be driving more than the standard mileage allowance, it's better to negotiate a higher mileage allowance upfront, even if it means paying a slightly higher monthly payment. The per-mile fee for exceeding the mileage allowance can be quite expensive, so it's worth planning ahead. Consider your daily commute, weekend trips, and any other driving you anticipate doing to determine your annual mileage needs. It's always better to overestimate than underestimate, as you can't get a refund for unused miles.
• Credit Score: Your credit score is a major factor in determining your lease approval and the interest rate you'll receive. A higher credit score typically qualifies you for a lower money factor and better lease terms. Conversely, a lower credit score may result in a higher money factor or even denial of the lease application. It's a good idea to check your credit score before you start shopping for a lease to get an idea of where you stand. If your credit score is low, you may want to take steps to improve it before applying for a lease, such as paying down debt and correcting any errors on your credit report. Even a small improvement in your credit score can make a big difference in the lease terms you're offered.

How to Get the Best 2023 Ford Explorer ST Lease Deal

Now that you understand the factors that influence lease prices, let's talk about how to get the best possible deal on a 2023 Ford Explorer ST lease. Here are some tips to keep in mind:

1. Shop Around: Don't settle for the first offer you receive. Get quotes from multiple dealerships and compare their lease terms, money factors, and residual values. Use online resources to research average lease prices in your area and get an idea of what a fair deal looks like. Contact dealerships via phone, email, or online chat to request lease quotes. Be sure to specify the exact trim level, options, and mileage allowance you're interested in to get accurate comparisons. Don't be afraid to pit dealerships against each other to see who can offer you the best deal. Let them know you're shopping around and that you're looking for the most competitive offer.
2. Negotiate the Selling Price: Just like when buying a car, you can negotiate the selling price of the vehicle before you start discussing lease terms. Aim to negotiate the price down as much as possible, as this will directly impact your monthly lease payments. Research the market value of the 2023 Ford Explorer ST in your area and use that as a starting point for your negotiations. Be prepared to walk away if the dealer isn't willing to offer you a fair price. Remember, the selling price is just one component of the lease, but it's an important one. The lower the selling price, the less depreciation you'll be paying for over the lease term.
3. Understand the Money Factor: Ask the dealer for the money factor and convert it to an APR to understand the interest rate you're paying. Compare the money factor to the national average and negotiate for a lower rate if possible. A lower money factor can save you a significant amount of money over the lease term. Don't be afraid to question the dealer if the money factor seems high. They may be marking it up to increase their profits. If you have a good credit score, you should be able to qualify for a lower money factor. If you're not happy with the money factor the dealer is offering, try getting quotes from other lenders, such as banks or credit unions.
4. Consider a Shorter Lease Term: While longer lease terms have lower monthly payments, they may not be the best deal in the long run. Shorter lease terms typically have higher residual values, which can result in lower overall costs. Additionally, you'll have the opportunity to upgrade to a new vehicle sooner. Evaluate your needs and preferences to determine the ideal lease term for you. If you prefer to drive a new car every few years, a shorter lease term might be a better option. If you're looking for the absolute lowest monthly payment, a longer lease term might be more appealing, but be sure to factor in the potential for higher maintenance costs and the increased risk of exceeding the mileage allowance.
5. Be Aware of Fees: Leasing a car involves various fees, such as acquisition fees, disposition fees, and early termination fees. Make sure you understand all the fees involved before signing the lease agreement. Ask the dealer for a complete breakdown of all the fees and charges associated with the lease. Some fees may be negotiable, so don't be afraid to ask if they can be waived or reduced. The acquisition fee is typically charged at the beginning of the lease and covers the leasing company's administrative costs. The disposition fee is charged at the end of the lease and covers the cost of preparing the vehicle for resale. Early termination fees can be quite expensive, so it's important to be aware of them in case you need to end the lease early.

Current 2023 Ford Explorer ST Lease Deals

Lease deals can vary significantly depending on your location, credit score, and the dealership you're working with. However, to give you a general idea, you might expect to see lease offers for the 2023 Ford Explorer ST ranging from $500 to $700 per month with a down payment of a few thousand dollars. These are just estimates, and it's essential to do your own research and get personalized quotes from local dealerships.

Pro-Tip: Check Ford's official website and local dealer websites for the latest lease offers and incentives. These offers can change frequently, so it's important to stay informed.

Is Leasing the Right Choice for You?

Leasing isn't for everyone. It's important to weigh the pros and cons before making a decision. Here are some factors to consider:

Pros of Leasing:

• Lower monthly payments compared to buying
• Opportunity to drive a new car every few years
• Lower down payment requirements
• Warranty coverage for most of the lease term

Cons of Leasing:

• Mileage restrictions
• You don't own the vehicle
• Potential for extra fees for exceeding mileage or wear and tear
• May not be the best option if you drive a lot or plan to customize the vehicle

Ultimately, the decision to lease or buy depends on your individual circumstances and preferences. If you value having a new car every few years and don't drive a lot of miles, leasing might be a good option for you. If you prefer to own your vehicle and drive it for many years, buying might be a better choice.

Conclusion

Leasing a 2023 Ford Explorer ST can be a great way to enjoy this powerful and stylish SUV without the long-term commitment of buying. By understanding the factors that influence lease prices and following the tips outlined in this article, you can negotiate a great deal and save money. Remember to shop around, negotiate the selling price, understand the money factor, and be aware of all the fees involved. Good luck, and happy leasing!