Used 2023 Ford Explorer for Sale nearWaterloo, ON

How much does the 2023 Ford Explorer cost?

Prices have softened 13.13% compared to this time last year, making it a favourable time to shop this model year.

There are 442 listings available, which suggests you have a healthy amount of inventory to compare.

Is the 2023 Ford Explorer a good car?

Yes — the 2023 Ford Explorer earns a 4.8/5 user rating, which points to strong owner satisfaction. It stands out as a midsize SUV that has moved into a more polished, more premium role, while its rear-wheel-drive bias gives it better handling than previous Explorers without giving up smoothness or refinement. It also offers a broad range of powertrains and trims, plus seating for up to seven passengers, so it can suit both family duty and buyers who want a more engaging three-row SUV.

With 35.5% of listings marked as good or great deals, you have a meaningful share of the market to shop from.

Is the 2023 Ford Explorer reliable?

Owners rate it 4.8/5, a strong signal of long-term satisfaction.

The 2023 Explorer’s appeal comes from its refined platform, broad equipment list, and available driver-assistance features, all of which support confidence in day-to-day use. Its mix of comfort, practicality, and versatility also makes it a sensible choice if you want a used three-row SUV that can handle family life without feeling basic.

For used buyers, the main long-term ownership risk is that higher trims and option packages can raise repair and maintenance exposure if you buy a more complex example.

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

This looks like a moderate, selective buyer’s market, so you can shop patiently and still find worthwhile listings.

• Deal availability: 35.5% of listings are priced as good or great deals.
• Inventory: There are 442 listings available.
• Price trend: Prices have softened 13.13% compared with last year.

If you find a listing below $38,382 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 $38,406 CAD sits slightly below last year's $44,211 CAD.

That price movement suggests the market has already adjusted downward, which can help you buy more confidently today. For a future seller, it also means resale value may depend more on condition, mileage, and trim than on broad market momentum alone. Well-equipped examples with desirable features should still attract attention, but you may need to price competitively if you plan to sell later.

Vehicles with strong owner satisfaction ratings, like this model year's 4.8/5, 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:

• 35.5% of listings are priced as good or great deals.
• Price trend: Prices have softened 13.13% compared with last year.
• Owners rate it 4.8/5 — a strong satisfaction signal.

Consider the 2022 if:

• At $35,200 CAD, the 2022 costs less than the current year's $38,406 CAD average.
• It offers a redesigned, rear-drive platform with broad trim choice.

The bottom line:
Buy the 2023 if you want the stronger current-market mix of inventory, pricing softness, and owner satisfaction. If your priority is saving money upfront, the 2022 is the better value path and still gives you the Explorer’s core strengths.

How does the 2023 Ford Explorer compare to the 2023 Chevrolet Traverse?

Read our full side-by-side expert comparison here.

These recommendations are based on CarGurus' proprietary market data from October 27, 2026, CarGurus experts' opinions, and generative AI.