What happens when car thieves target a specific make and model of vehicle? Well, besides the obvious: that the risk of having that vehicle stolen ticks up somewhat. The answer involves insurance — specifically, what insurance premiums for the vehicle in question might do, which is to say: increase. And if insurance premiums for a given vehicle skyrocket, that could have an adverse effect on that vehicle’s sales and resales.
Unfortunately for Range Rover drivers in the U.K., that’s exactly what’s happening right now. According to a Bloomberg report (via Autoblog), theft reports are causing insurance costs for Range Rovers to skyrocket, and having the opposite effect on their resale prices. The article delves into the case of one Leeds-based Range Rover Sport owner who saw the resale value of his SUV go from £75,000 to £45,000 in the span of three months, due in part to the cost to insure it. (The same driver was given an insurance quote of £48,000 for his Range Rover Sport.)
Last year, Range Rovers were the U.K.’s most stolen vehicle, and the measures enterprising car thieves have taken to make off with the cars has led their manufacturer to take steps to improve vehicular security. Keyless operations in vehicles might make for convenience, but it can also make cars, trucks and SUVs easier to steal.
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One expert in the field of used car prices confirmed the issues Range Rovers are experiencing when it comes to resale value. “Although not all models have seen declines, the price performance of used Range Rovers overall has been softer than the much healthier picture of the wider used market,” Auto Trader‘s Erin Baker told Bloomberg. It’s a situation that creates challenges for both car owners and auto manufacturers alike.
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