Range Rovers have become an increasingly popular target for thieves in the UK. With their luxury status and high price tag, these SUVs have attracted criminals who employ sophisticated methods to steal them. Learn about the alarming statistics, the impact on insurance costs, and the efforts being made by Land Rover to address this issue. Find out how the rise in thefts has affected the resale value of Range Rovers and the ongoing popularity of these vehicles among buyers.
The Alarming Rise in Range Rover Thefts
Discover the shocking increase in Range Rover thefts in the UK and the methods used by criminals to steal these luxury SUVs.
Range Rovers have become a prime target for thieves in the UK, with a significant rise in thefts reported in recent years. The luxury SUVs, known for their high price tags and prestigious status, have attracted criminals who employ sophisticated methods to steal them.
One of the most concerning aspects of these thefts is the use of relay attacks, where criminals use technology to intercept the signal from the key fob and gain access to the vehicle. This method has proven to be highly effective, allowing thieves to steal Range Rovers without needing physical access to the keys.
The alarming statistics from the UK Driver and Vehicle License Agency reveal that nearly 1% of Land Rover-branded cars, including Range Rovers, were stolen last year. This is three times higher than the next most stolen brand, Mercedes-Benz.
Impact on Insurance Costs and Availability
Learn about the impact of Range Rover thefts on insurance costs and the challenges faced by owners in insuring their vehicles.
The rise in Range Rover thefts has had a significant impact on insurance costs for owners. In major UK areas, it has become nearly impossible to insure these luxury SUVs due to the high risk of theft. Insurance comparison websites have shown that insuring a Range Rover in outer London can cost at least £20,000 ($25,300), while it is not even possible to receive a quote for a vehicle in the center of London.
As a response to this issue, Range Rover operator JLR has been working with insurance providers to develop bespoke insurance options for its drivers. The aim is to provide more affordable and tailored coverage that takes into account the specific security measures implemented by JLR to combat thefts.
Efforts to Combat Range Rover Thefts
Discover the measures being taken by Land Rover to address the issue of Range Rover thefts and make the vehicles more secure.
The rise in thefts has become a concern for Land Rover's executives, and they have taken proactive steps to combat this issue. CEO Adrian Mardell acknowledged the problem at the company's investors day and announced that JLR has invested £10 million ($12.7 million) in retrofitting its older models to make them less vulnerable to theft.
These security measures include addressing the relay attack method that has become popular among thieves. By implementing advanced security systems and technology, JLR aims to make it increasingly difficult for criminals to steal Range Rovers.
The efforts seem to have been effective, as police data shows a 40% decrease in the number of stolen Range Rovers in the year up to October 2023. This indicates that the measures taken by Land Rover are making a positive impact in reducing thefts.
Impact on Resale Value of Range Rovers
The rise in Range Rover thefts has had an unexpected consequence on the resale value of these vehicles. Since the increase in thefts, the price of used Range Rovers has dropped significantly, outpacing declines in the general industry.
For example, one owner, Tim Coen, purchased a Range Rover Sport SVR for £103,000 in 2021, but its value has now dropped to £45,000. However, JLR denies that thefts are solely responsible for the drop in value, attributing it to market factors.
It is important for current Range Rover owners looking to sell their models to be aware of this impact on resale value and consider their options accordingly.
Continued Popularity Among Buyers
Interestingly, the rise in Range Rover thefts has not significantly affected the sales of new vehicles. In fact, JLR's retail sales rose by 29% in the second quarter of 2023 compared to the same period last year, with Range Rovers continuing to be in high demand among buyers.
Range Rovers are known for their luxurious features, powerful performance, and iconic design, which continue to attract buyers despite the security concerns. The reputation and prestige associated with the Range Rover brand also contribute to its ongoing popularity in the market.