The cost of acquiring a Ford Explorer through a lease agreement involves several factors that collectively determine the monthly payment. These factors include the vehicle’s MSRP, the negotiated price, the lease term length (typically 24, 36, or 48 months), the residual value (the predicted value of the vehicle at the end of the lease), the money factor (the lease interest rate), and any applicable taxes and fees. For instance, a higher MSRP or a shorter lease term will generally result in a higher monthly payment.
Leasing offers several advantages compared to purchasing, such as lower initial costs, the opportunity to drive a newer vehicle more frequently, and potentially lower monthly payments. Historically, leasing has been a popular option for individuals who prioritize affordability and flexibility over long-term ownership. It’s particularly beneficial for those who prefer to avoid the depreciation associated with owning a vehicle and who desire to upgrade to a newer model every few years.
