Used 2023 Ford Explorer for Sale nearPeterborough, ON

How much does the 2023 Ford Explorer cost?

Prices have softened 13.77% compared to this time last year, making it a favourable time to shop this model year.

There are 485 listings available, which suggests you should have a reasonable amount of inventory to compare.

Is the 2023 Ford Explorer a good car?

Yes — 4.75/5 is a strong user rating for a three-row SUV, and the 2023 Ford Explorer backs that up with a rear-wheel drive–biased platform, strong road manners, and a practical cabin layout. It is aimed at you if you want a family SUV that feels more engaging to drive than many rivals while still offering up to seven-passenger seating and everyday versatility. The market also shows 31.5% of listings as good or great deals, which gives you some room to shop selectively.

Is the 2023 Ford Explorer reliable?

Owners rate it 4.75/5, a strong signal of long-term satisfaction.

Ford describes this generation as smoother and more refined than earlier Explorers, and the 2023 model keeps the practical three-row layout that has long defined the nameplate. For used buyers, the main long-term ownership risk is that some desirable driver-assistance features are reserved for higher trims and option packages, so you should verify equipment carefully before you buy.

Is now a good time to buy a used 2023 Ford Explorer?

This is a moderate, selective buyer’s market, so you can shop patiently without expecting every listing to be a bargain.

• Deal availability: 31.5% of listings are priced as good or great deals.
• Inventory: There are 485 listings available.
• Price trend: Prices have softened 13.77% compared with last year.

If you find a listing below $39,205 CAD, that's toward the low end of the year-round range and worth acting on quickly.

What is the 2023 Ford Explorer's resale value?

The current average of $39,205 CAD sits slightly below last year's $45,463 CAD.

That price drop suggests the market has already adjusted downward, which can help you buy at a more favourable point in the cycle. If you plan to sell later, the softer current pricing means your resale upside may be more limited than it was a year ago, especially if the market stays competitive. Even so, a well-kept Explorer with the right equipment should still appeal to family-SUV shoppers looking for space and versatility.

Vehicles with strong owner satisfaction ratings, like this model year's 4.75/5, tend to retain buyer demand, which supports resale value over time.

Should I buy a 2023 Ford Explorer or consider a different year?

If you're weighing the 2023 against nearby model years, here's how to think about it:

Choose the 2023 if:

• 31.5% of listings are priced as good or great deals.
• Price trend: Prices have softened 13.77% compared with last year.
• Owners rate it 4.75/5 — a strong satisfaction signal.

Consider the 2022 if:

• At $35,714 CAD, the 2022 costs less than the current year's $39,205 CAD average.
• It offers broad appeal across budgets and priorities.

The bottom line:
Choose the 2023 if you want the stronger current-market value story and are shopping for a well-rated, versatile three-row SUV. If your priority is saving money upfront, the 2022 is the better secondary path because it undercuts the current year while still delivering the Explorer’s core family-friendly strengths.

These recommendations are based on CarGurus' proprietary market data from September 22, 2026, CarGurus experts' opinions, and generative AI.