Range Rover Thefts Lower the Vehicle’s Resale Value

In the United Kingdom, Range Rovers are highly desirable for both the wealthy and, unfortunately, skilled thieves. The luxury SUVs that are part of the Jaguar Land Rover brand, starting at over £103,000 ($130,400), have seen theft rates skyrocket in recent years. This unfortunate rise in vehicle thefts has started to impact the resale values for Range Rovers as an unforeseen side effect and consequence.

Over the past year, used Range Rover prices have dipped by 9.3% to £35,224 ($44,609), according to Bloomberg. Despite these challenges, sales of new Range Rovers have not been deterred, with a reported 29% surge in the second quarter of 2023 compared to the same period of the previous year.

Thieves use sophisticated techniques, like the “relay attack,” to intercept the signal between a vehicle and its key and drive off. Data from the U.K.’s Driver and Vehicle License Agency (DVLA) indicates that “nearly one out of every 100 Land Rover-branded cars was stolen last year,” a figure three times higher than the next most stolen brand, Mercedes-Benz.

The rampant thefts have prompted local police in certain areas, like Staffordshire, to urge owners to ramp up their vehicle security measures. Steering wheel and tire clamps are among the suggested precautions. Meanwhile, insurance for these vehicles in major U.K. regions has become astronomical, creating a significant concern for owners. To combat this, Jaguar Land Rover (JLR) has been working with insurers to develop tailored policies for its customers.

Another response to this issue has been JLR’s significant investment of £10 million ($12.7 million) to enhance the security of older models, particularly targeting popular theft methods such as the relay attack. This concerted effort seems to have had a positive impact, with a reported 40% decrease in stolen Range Rovers in the year leading up to October 2023.