Range Rover owners are seeing thousands of pounds taken off the value of their used cars, according to new data.
Statistics from SellYourCarInAFlash.com have revealed that Range Rover machines were the most affected petrol models with valuations down almost a half.
In total, Range Rover costs have fallen a whopping 44 percent in January 2024 compared to May last year.
The staggering drop means Range Rover owners are unlikely to recoup much of their money back when they come to sell their vehicles.
However, other brands have also been affected with models from Renault, Jaguar and Volkswagen seeing declines.
Christopher Lounds, founder of SellYourCarInAFlash.com, said: “Our latest research shows yet another blow for car owners, on top of many other cost of living issues that are hitting finances.
“Simply put, the market has rapidly realigned after the impact of Covid price increases across the automotive sector.
“During Covid, there were supply challenges that saw prices increase for a period, which just isn’t normal in the automotive market. There was always going to be a price drop for used and new cars, and that is clear to see with price falls over the past few months.
“It’s a challenging market currently, for both car dealers and people who are unable to sell their cars.”
Data shows that Range Rover cars had an estimated value of £65,000 back in May 2023.
This has fallen 31 percent with vehicles now priced at around £45,000, a staggering drop in not even 12 months.
‘Buy Now’ prices for Range Rover models were down 44 percent after a massive £27,000 decrease.
Owners would have had to pay around £62,760 to secure a Range Rover car but now £35,000 is all that’s needed.
Another factor behind the sudden drop could be the dramatic increase in vehicle theft rates as Range Rover battled with major security concerns.
The brand was forced to pump millions of pounds into boosting security after six of the 10 most-stolen car models in the UK in the year to March 2023 were Range Rovers.
The firm even launched their own insurance product after premiums skyrocketed due to the crisis.
However, the situation appears to have been solved with recent DVLA data showing a noticeable decline in thefts.
The Renault Clio saw the second biggest fall in petrol car values with a whopping 34 percent drop on ‘Buy Now’ prices.
The VW Golf was down 31 percent while the Jaguar F Type dropped 30 percent with costs reducing by over £10,000.
