Range Rover values tumble amidst theft fears and insurance hikes
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Owners of Land Rovers and Range Rovers are already facing turbulent times.
Not only are technology-armed criminal gangs targeting their luxury SUVs using calculated new methods, their insurance premiums are rocketing as the crimewave has made some underwriters twitchy about covering them.
Many drivers might - understandably - be tempted to sell or offload their cars to avoid spiralling costs, but market data shows the value of these expensive SUVs has tumbled compared to a year ago.
In the worst case scenario, owners of three-year-old Range Rover Evoque hybrids have seen the average price for their motor dive by 33.9 per cent - the equivalent of £13,170 - compared to what the same car was worth 12 months earlier.
So what does this mean for Range Rover and Land Rover owners? We take an in-depth look at whether drivers are trying to flog their cars and how parent group Jaguar Land Rover (JLR) is trying to solve the problem by spending millions to retrofit older cars with its most up-to-date security tech.
What's happened to the value of used Land Rovers and Range Rovers since theft concerns sent the insurance sector into a tizz? We've investigated to see how far prices fell in 12 months
Are more owners trying to sell their Range Rovers?
There have been various reports claiming owners are trying to offload their Land Rover vehicles as soon as possible to escape unaffordable premiums.
Car selling website Motorway said the Range Rover was the most-sold car in February - ahead of more common models including the VW Golf and Mini.
But to suggest there's a flood of these cars being advertised for sale in recent months isn't the case.
Auto Trader, the nation's biggest online car marketplace and leading second-hand vehicle sales website, provided February figures to This is Money that suggest there hasn't been a dramatic increase in the number of cars advertised compared to a year ago.
In fact, there has either been a slight rise or in some cases fewer listed in February 2024 than the same month a year ago.
For instance, there were 4,853 Range Rover Sports available on Auto Trader in February 2023. In the same month this year, there were 4,991 - just 138 (2.8 per cent) more.
In the case of the full-fat Range Rover and Land Rover Discovery, there were more on sale a year ago than last month, while Range Rover Velar and Land Rover Discovery Sport numbers for sale remained relatively flat.
The biggest increase in availability was the Range Rover Evoque - up from 5,800 in February 2023 compared to 6,144 last year, Expérience Performance V Capsules which is an uplift of almost 6 per cent.
The data shows that availability of the modernised Land Rover Defender has grown by 12.5 per cent on the used market.
However, this is to be expected given it was only launched in 2020 and is therefore starting from a very low base.
ARE MORE LAND ROVER AND RANGE ROVERS BEING ADVERTISED FOR SALE?
Model Feb 23 number of adverts Feb24 number of adverts Change in number of adverts Change in number of adverts (%)
Range Rover 3,121 3,031 -90 -2.9%
Range Rover Sport 4,853 4,991 138 2.8%
Land Rover Discovery 1,712 1,661 -51 -3.0%
Range Rover Velar 1,598 1,622 24 1.5%
Land Rover Discovery Sport 3,341 3,356 15 0.4%
Range Rover Evoque 5,800 6,144 344 5.9%
New Land Rover Defender 2,719 3,058 339 12.5%
Source: Auto Trader data for Feb23 vs Feb24
Marc Palmer, head of strategy and insight at Auto Trader, said declines in used car prices are driven by two things: the result of increase in stock in the last 12 months, and any increased supply of new cars reducing competition in the second-hand market.
'Car prices are heavily influenced by changing market dynamics,' Palmer explained.
'Although used car demand remains very robust, average prices have softened over the last year, largely due to a sharp increase in levels of supply.
'This same trend has affected Land Rovers and Range Rovers - despite consumer demand increasing on last year's levels, it's been surpassed by rising volumes of stock in the market.'
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Not only are technology-armed criminal gangs targeting their luxury SUVs using calculated new methods, their insurance premiums are rocketing as the crimewave has made some underwriters twitchy about covering them.
Many drivers might - understandably - be tempted to sell or offload their cars to avoid spiralling costs, but market data shows the value of these expensive SUVs has tumbled compared to a year ago.
In the worst case scenario, owners of three-year-old Range Rover Evoque hybrids have seen the average price for their motor dive by 33.9 per cent - the equivalent of £13,170 - compared to what the same car was worth 12 months earlier.
So what does this mean for Range Rover and Land Rover owners? We take an in-depth look at whether drivers are trying to flog their cars and how parent group Jaguar Land Rover (JLR) is trying to solve the problem by spending millions to retrofit older cars with its most up-to-date security tech.
What's happened to the value of used Land Rovers and Range Rovers since theft concerns sent the insurance sector into a tizz? We've investigated to see how far prices fell in 12 months
Are more owners trying to sell their Range Rovers?
There have been various reports claiming owners are trying to offload their Land Rover vehicles as soon as possible to escape unaffordable premiums.
Car selling website Motorway said the Range Rover was the most-sold car in February - ahead of more common models including the VW Golf and Mini.
But to suggest there's a flood of these cars being advertised for sale in recent months isn't the case.
Auto Trader, the nation's biggest online car marketplace and leading second-hand vehicle sales website, provided February figures to This is Money that suggest there hasn't been a dramatic increase in the number of cars advertised compared to a year ago.
In fact, there has either been a slight rise or in some cases fewer listed in February 2024 than the same month a year ago.
For instance, there were 4,853 Range Rover Sports available on Auto Trader in February 2023. In the same month this year, there were 4,991 - just 138 (2.8 per cent) more.
In the case of the full-fat Range Rover and Land Rover Discovery, there were more on sale a year ago than last month, while Range Rover Velar and Land Rover Discovery Sport numbers for sale remained relatively flat.
The biggest increase in availability was the Range Rover Evoque - up from 5,800 in February 2023 compared to 6,144 last year, Expérience Performance V Capsules which is an uplift of almost 6 per cent.
The data shows that availability of the modernised Land Rover Defender has grown by 12.5 per cent on the used market.
However, this is to be expected given it was only launched in 2020 and is therefore starting from a very low base.
ARE MORE LAND ROVER AND RANGE ROVERS BEING ADVERTISED FOR SALE?
Model Feb 23 number of adverts Feb24 number of adverts Change in number of adverts Change in number of adverts (%)
Range Rover 3,121 3,031 -90 -2.9%
Range Rover Sport 4,853 4,991 138 2.8%
Land Rover Discovery 1,712 1,661 -51 -3.0%
Range Rover Velar 1,598 1,622 24 1.5%
Land Rover Discovery Sport 3,341 3,356 15 0.4%
Range Rover Evoque 5,800 6,144 344 5.9%
New Land Rover Defender 2,719 3,058 339 12.5%
Source: Auto Trader data for Feb23 vs Feb24
Marc Palmer, head of strategy and insight at Auto Trader, said declines in used car prices are driven by two things: the result of increase in stock in the last 12 months, and any increased supply of new cars reducing competition in the second-hand market.
'Car prices are heavily influenced by changing market dynamics,' Palmer explained.
'Although used car demand remains very robust, average prices have softened over the last year, largely due to a sharp increase in levels of supply.
'This same trend has affected Land Rovers and Range Rovers - despite consumer demand increasing on last year's levels, it's been surpassed by rising volumes of stock in the market.'
RELATED ARTICLES
Previous
1
Next
How likely is a car thief to be caught where you live? Just... Jaguar Land Rover to spend £15m to boost older cars'... How to keep your Range Rover safe from thieves - the... Most stolen cars of 2023 REVEALED: A vehicle was pinched...
Share this article
Share
86 shares
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How to save money on car insurance: Ten top tips to cut the cost in just a few minutes
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