Range Rovers plummet in value despite $13 million push to theft-proof SUVs

The theft of Range Rovers—the luxury SUVs operating under the Jaguar Land Rover brand—has soared in recent years as criminals have found new sophisticated ways to hijack the vehicles, which command a starting price of just over £103,000 ($130,400). 

Thieves’ methods include a “relay attack,” where criminals intercept the signal between a vehicle and its key to unlock the car and drive off.

Data from the U.K. Driver and Vehicle License Agency (DVLA) found that nearly one out of every 100 Land Rover-branded cars was stolen last year, the Telegraph reported. That’s three times as much as the next most stolen vehicle brand, Mercedes-Benz.

Theft epidemic

It has created a mini epidemic, with most drivers now familiar with Range Rovers’ vulnerability to being stolen. 

A wave of thefts in the U.K. county of Staffordshire prompted local police to put out a warning to owners to take extra measures to protect their vehicles. That included placing clamps on tires and steering wheels. There are also countless articles in U.K. tabloid papers advising drivers how to protect their SUVs.

Widespread knowledge of the thefts has also made the cars nearly impossible to insure in major U.K. areas, according to several studies. 

Analysis of insurance comparison websites by the Telegraph and the Independent found it cost drivers at least £20,000 ($25,300) to insure a Range Rover in outer London, while it wasn’t to receive a quote for a vehicle in the center of London. 

A representative for Range Rover operator JLR said it had been working with providers to develop bespoke insurance for its drivers.

The thefts have become a problem that Range Rover operator JLR’s executives are all too aware of. 

“Theft of our vehicles in large cities has become a problem, particularly in London and Manchester,” JLR CEO Adrian Mardell admitted at the company’s investors day in June this year. 

Jaguar Land Rover announced in November that it had invested £10 million ($12.7 million) in retrofitting its older models to make them less vulnerable to theft. 

This included a means of tackling the “relay attack” which has become so popular with thieves. Patrick McGillycuddy, JLR’s U.K. managing director, said tackling the theft of Range Rovers was his “personal priority.”

“While vehicle theft in the UK is affecting the whole car industry, at JLR we understand the negative impact this can have on the ownership experience for our clients. Our investment of more than £10 million demonstrates our ongoing commitment to tackling this issue,” he said. 

The measures seem to have worked to reduce thefts. JLR said the number of stolen Range Rovers and Range Rover sports had plummeted by 40% in the year to October 2023, citing police data.

Prices plummet

But JLR’s attempts to thief-proof the cars might be too little, too late for the beleaguered current Range Rover owners trying to shift their models.

Analysis by Bloomberg found the price of the cars has nosedived in the last year as news of their prolificacy for theft has spread.

Since May, the average price of a used Range Rover has dropped 9.3% to £35,224 ($44,609), Bloomberg reported, citing data from Auto Trader. That outpaced declines in the general industry.

The publication found one owner who had been particularly burned by a waning appetite for the luxury SUVs. Bloomberg reports that Tim Coen spent £103,000 on a Range Rover Sport SVR in 2021. Three months ago, a car-trading website valued the SUV at £75,000, while it would now fetch just £45,000.

In a statement to Fortune, a representative for JLR rebuffed the idea that thefts were behind the drop in value.

“Residual values in the UK market spiked in response to acute used car shortages caused by the pandemic and semiconductor crisis. They are now realigning across the board as expected. We are pleased that Range Rover resale values continue to ensure that our customers experience some of the lowest levels of depreciation,” the representative said.

Sales data for new Range Rovers suggests the wave of thefts isn’t putting off buyers of first-hand models.

JLR’s retail sales rose 29% in the second quarter of 2023 compared with the same period last year, with Range Rovers continuing to make up the bulk of those orders.