If you’re a Ford fan, you might assume the SUV with the best resale value is the Explorer. After all, it’s Ford’s best-selling SUV. But another SUV from the Blue Oval automaker — the Ford Bronco — has superior resale value, and here’s why.

2023 Ford Explorer resale value

The 2023 Ford Explorer base model retails for $36,760 to start. The highest base MSRP is $54,525 for the range-topping King Ranch trim. But if you tried to resell your used Explorer, you wouldn’t get that much.

Edmunds provides several estimates for the resale value of the 2023 Ford Explorer. The amount depends on various factors, such as the condition and whether it’s a trade-in, sold by a private party, or dealer retail. If the 2023 Explorer is in outstanding condition and is a dealer retail, the price is $51,959. Private parties can expect $49,708, and a trade-in is worth $47,845. 

The value steadily declines after that depending on whether the SUV’s condition is clean, average, or rough. For instance, expect to get $46,626 for a 2023 Explorer trade-in in rough shape.

J.D. Power gives the 2023 Explorer a resale value score of 82 out of 100. The data analytics firm considers that “great.” However, the 2023 Ford Bronco outdoes its midsize sibling.

2023 Ford Bronco resale value

The starting price for the 2023 Ford Bronco base model is $34,890. Meanwhile, the highest starting price is an eye-watering $78,375 for the top-tier Raptor trim.

According to Edmunds, the best you can hope for when reselling a 2023 Bronco is $75,272. That’s only if it’s in outstanding condition and is a dealer retail. If the Bronco is in rough condition, it’s worth around $65,365. Its J.D. Power resale score is 89 out of 100, which is seven points higher than the Explorer and verging on what the market research firm considers “best.” 

Things get a little bleaker for the Explorer when you check Kelley Blue Book’s 2023 Best Resale Value Awards. With a five-year resale value of 65.4%, the Bronco ranks fourth out of 10 vehicles. The Explorer doesn’t appear on the list.

So, why do more people buy the Explorer? It could be several factors. One might involve the supply shortage. Just two years ago, customers had to wait over a year for the Bronco they had reserved. It’s possible there aren’t enough Broncos to go around for the consumers wanting to buy one. Regardless, if you can get one, this SUV is worth it.

Vehicle depreciation and resale value explained

You should check a vehicle’s resale value before buying because it’s a good way to know if you’re making a solid purchase or throwing money away. If the car you’re interested in loses value faster than similar vehicles, you’ll lose money in the long term. On the other hand, if a vehicle holds its value well, you’ll be in a better position to sell or trade later.

If you’re interested in selling your used car, the resale value will give you a good idea of your vehicle’s worth. Expect potential buyers to haggle, so knowing your vehicle’s resale value is a great way to hold your ground. Depending on the condition of your car, the value will fluctuate.

Depreciation is how much value your car loses over time. Every vehicle loses value as soon as a buyer drives it off the lot, and its value decreases further over the years. According to Kelley Blue Book, the average vehicle is worth 45% of the MSRP after five years. If the car is more valuable, that percentage would look more like 65% of the MSRP.