Man, time flies, I remember this thread. I'm still driving my 1st Gen as a Daily Driver to this day, and less than 75,000mi shy of 1/2 a million miles and closing in fast. They're classics to me. One can always take the individual view vs. the communal view of what's classic or what's not.
Personally, I don't drive mine as a "classic", I drive it because I like it, and because it's inexpensive to repair, easy to repair, parts are still surprisingly plentiful even after the cash4clunkers culling, and It starts every morning like the sun rises and sets. I also have had some bad experiences that have made me very weary of mechanics, especially big corporate chains. So I do (almost) all of my own work now.
In my area there's about 5-6 of us still driving them around, seemingly as daily drivers. All of us have a little wear, but hey, it's a 29+ year old vehicle, you can't expect them to look brand new if they can't qualify for classic plates due to mileage driven per year. But Rick is right on me not seeing them for sale anywhere. I have to think part of it is they are in the "this thing is ancient and uncool" category.
When I last replied to this 9 years ago, I thought that the value would be going up because of what happened with the Bronco II in light of the rising prices of regular vintage Broncos. It makes logical sense, since the Explorer was originally just going to be the "New Bronco II" with a 4-door version, so why wouldn't the 1st gen Explorer be a prime candidate?
I see some of my generation (Xennials - we're between X and Millennials) getting into these, but mostly as a "Movie Car" thing with Jurassic park. There must be some interest outside that though because Donut, Hoonigan, TFLclassics, Doug DeMuro, and some of the other bigger internet channels have been doing some 1st Gen Explorer stuff in the past few years. I find the JP thing a hair annoying and after a few talks like that from *normies* I'm starting to understand what your average DeLorean owner goes through with comments about Flux Capacitors and Cocaine. The others are not really "car people", they're just young brats trying to impress the gender of their choice in something based on brand name or model name, and not necessarily what it is. That's the problem with all special interests is the young and their focus on aesthetics over functionality. Those aren't car guys, they're just teenagers using cars as a tool to get attention. Not unlike all those "guitarists" I used to know in high school who don't play anymore, yet here I am, still playing at 40.
And lastly, I think a lot of people in general have cold feet over investing massively in anything with an Internal combustion engine now for fear that the goobermint is going to make us all drive EVs by 2035 or 2050 or somesuch. So you buy a used ICE Vehicle, make it nice, and now you either have a very expensive and heavy paperweight, or the government makes you give it to them to destroy because it's "bad for the environment in the case you DO find some gas and start it up".
That's one and only thing that terrifies me about dailying a 1st gen at this point, not that it's 30 years old, not that parts could become scarce, but the fact that someday I could end up having to part ways with my vehicle for no other reason than to become "compliant" to the supposedly well-meaning in intention, but misguided in execution, eco-friendly requirements of our government to the tune of tends of thousands of dollars I can't afford on the immediate. These things are not getting any less expensive, and I'd like to own a home of my own before I die, and a new vehicle could destroy that for me.