What would you choose between a 2023 Ford Explorer Hybrid Limited and a 2022 Chevrolet Traverse True North? I would rent for four years with perhaps the intention of buying back, since I drive 45,000 km per year. It is therefore also very important to achieve good energy efficiency.
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Hello Matthew,
First, know that when it comes to fuel, both vehicles will consume about the same amount of gasoline. Between 9 and 10 L/100 km depending on conditions, with an advantage for the Chevrolet in winter. The Explorer Hybrid is also disappointing in this regard, consuming a lot more than the Toyota Highlander Hybrid, which would be its rival. In fact, the Explorer’s advantage will only be felt in the city, where it will burn about 2 to 2.5 L/100 km less than the Chevrolet.
Photo: Julien Amado
Financially, however, Ford has the advantage. Not because of the initial price, but because its depreciation will be slightly less, depending on the initial purchase price. Also because it is a 2023, not a 2022 like on the Chevrolet side. That said, unless you have monetary reasons for choosing leasing, it is better to opt for financing. Firstly because the rates are lower, but also because the total cost of acquisition if you choose to buy back later will be significantly lower, especially if you finance the buyout.
Now, let me tell you that if the Traverse is less coveted and traditional in its mechanical approach, it is on the other hand a much more reliable product. A vehicle that I would have great confidence in for the long term, unlike the Explorer.
Photo: General Motors
At Ford, reliability problems such as recalls have multiplied on the Explorer, and particularly on the hybrid. Talk to the cops who drive them and deal with countless irritants and design flaws. And I’m not talking about the repair costs, which are really higher.
Thus, if you intend to keep the vehicle for a long time, even considering its depreciation, it is clear that the long-term cost price will be lower at Chevrolet.