Ford Explorer vs Chevrolet Traverse: Which 3-row SUV has the better April lease deal?

The 2026 Ford Explorer ST-Line 4WD and the 2026 Chevrolet Traverse LT FWD are two of the most popular three-row SUVs in America, and this April, both manufacturers are running lease programs with one thing in common: you need to prove your loyalty before you get the good price. Ford requires a trade-in or a current lease to unlock the Explorer's $369 headline price. Chevrolet's Traverse deal is even more restrictive, available only to GM employees and eligible family members who are also current lessees of a 2021 or newer vehicle. Both deals reward insiders and leave everyone else looking at a very different payment. For those who qualify, these are two genuinely competitive offers on vehicles that approach the family SUV from different angles.

The lease offers side by side

The Explorer wins on every financial metric. Its effective monthly cost of $497 is $132 less than the Traverse's $629, and at 1.06% of MSRP, it is comfortably closer to the 1% benchmark than the Traverse's 1.47%. Over the Explorer's 36-month term, total out-of-pocket comes to approximately $17,894. The Traverse's 24-month term yields approximately $15,106, which is less in absolute dollars but reflects a shorter commitment, higher monthly costs, and a faster return to the dealership.

The qualification requirements favor the Explorer. Ford asks only that you have a trade-in or an existing lease from any brand. Chevrolet requires you to be a GM employee or an eligible family member, and to be a current lessee of a 2021 or newer vehicle. That is a substantially narrower pool of eligible buyers. The Traverse deal is also FWD only at this MSRP. The Explorer ST-Line includes 4WD as standard, which is a meaningful advantage for buyers in the Northeast and Midwest who deal with winter weather.

How the vehicles compare as daily drivers

The Traverse has the edge on paper specs: 328 horsepower versus the Explorer's 300, 97.6 cubic feet of maximum cargo versus roughly 87.8, and a third row that comfortably fits adults rather than just children. If you regularly need to carry six or seven passengers and their gear, the Traverse is the better choice. Fuel economy is comparable.

The Explorer wins where it counts for drivers. Its rear-drive-based platform delivers more athletic handling, better-weighted steering, and a sportier overall feel than the Traverse's front-drive-based architecture. The ST-Line trim adds 20-inch wheels, a Bang & Olufsen audio system, and red-stitched upholstery. The Traverse counters with the segment's largest screen at 17.7 inches and a more comprehensive standard safety suite including HD Surround Vision. Both offer wireless Apple CarPlay and Android Auto, comparable warranties, and 5,000-pound towing.

The verdict: which lease should you sign?

If you have a trade-in or current lease from any brand, the Explorer ST-Line at $369 per month is the stronger deal, and it is not particularly close. It costs $132 less per month and includes 4WD.

Disclaimer: This post is for informational purposes only. We are not a broker or dealership. All lease figures presented are estimates based on current market data and are subject to change without notice. The Explorer figures reflect a manufacturer-backed lease requiring trade-in or current lessee qualification. The Traverse figures are dealer-level estimates with no manufacturer lease program. We are not responsible for pricing discrepancies, errors, or availability. Please verify all terms and conditions directly with your local dealer.

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This story was originally published April 28, 2026 at 3:08 PM.