Just to throw it out there, I had to make this decision when I graduated almost 3 years ago now. Buy used, buy new, lease.
I decided on the lease and I think looking back I wouldn't change the decision. I got a 2010 Camry, 165/month payment with 1,500 down. 0.9% interest.
I drive a decent amount for my job, so I wanted a reliable car. So for the above price, I got a new car, decent gas mileage 25-30 (this is important, newer cars have better gas mileage, my guess is that Explorer gets like 12-18 mpg? Gas prices aren't going down, this is going to become a major expense). Haven't had a single repair to deal with. All for around 7,500 for 3 years.
For me it is the best of all worlds and at a cheap monthly price for a time when I have the least amount of cash flow, hopefully in my life. In addition, I have been saving 200/mo in an ING account to help soften the purchase price at the end of the lease.
Just an option, goodluck!!