Range Rovers are known for their luxury and performance but can depreciate faster than other vehicles. High maintenance costs and changing consumer preferences can impact their resale value. Retained value can vary by model and year.
In this article, I will go into detail about my personal experiences with Range Rovers and their depreciation, as well as aggregate data from automotive research sources.
I will also give you some tips on how to maintain your Range Rover to preserve its value.
Personal experience: my Range Rovers and their depreciation
I have owned a few Range Rovers over the years, including a 2010 Range Rover Sport, a 2012 Range Rover Evoque, and a 2015 Range Rover. From my experience, I have noticed that Range Rovers do not hold their value as well as some other luxury SUVs.
For example, my 2010 Range Rover Sport lost around 30% of its value in the first three years of ownership. The 2012 Evoque lost around 40% of its value in the same timeframe. However, the 2015 Range Rover has held its value better and has only lost around 20% of its value in the first five years.
Do Range Rovers hold their value?
To back up my personal experience, I decided to dive into some aggregate data from automotive research sources.
According to Edmunds, a well-respected automotive research firm, Range Rovers have an average depreciation rate of around 54% over the first five years of ownership. This is higher than the industry average of around 49% for luxury SUVs.
However, it’s worth noting that this rate of depreciation is highly dependent on the individual model.
For example, the Range Rover Sport has a higher rate of depreciation compared to the Range Rover Velar, which holds its value relatively well.
Additionally, maintenance costs can also have an impact on depreciation. Range Rovers are notorious for being expensive to maintain, even their oil changes are expensive, but proper maintenance can help preserve their value.
Regular tune-ups, oil changes, and tire rotations are just a few things that can help maintain your Range Rover’s value over time.
Tips for maintaining your Range Rover’s value
If you want to make sure that your Range Rover holds its value as much as possible, there are several things you can do.
Regular maintenance and repair
First, make sure that you keep up with all of the manufacturer-recommended maintenance and repair schedules.
This will not only help prevent breakdowns and costly repairs but will also help preserve the value of your Range Rover.
Keep your Range Rover clean
Second, keep your Range Rover clean, both inside and out.
Regular car washes, detailing, and even waxing can help make your car look newer for longer, which can help when it comes time to sell.
Parking and driving
Finally, be mindful of how you drive and where you park.
Avoiding rough terrain and parking your Range Rover in a garage or covered area can help prevent dings, scratches, and other cosmetic damage that can lower its resale value.
Summary
Range Rovers may not hold their value as well as some other luxury SUVs, but they can still maintain a decent resale value with proper maintenance and care.
Whether you’re considering buying a new Range Rover or already own one, be mindful of the potential for depreciation and take steps to preserve your car’s value over time.