In 2019, the Land Rover brand hit a record year for sales with 94,736 units. Since then, the record continues to break as sales are steadier than ever.
Land Rover SUVs are one of the best-selling cars because of their reliability and features. However, Land Rover ownership is much more than the price tag on the vehicle.
What should you know before buying a Land Rover? Keep reading to find out.
How Much Does a Land Rover Cost?
Land Rover cost of ownership begins with the purchase of the vehicle. Depending on the vehicle and the features you want, the cost of a Land Rover can be as little as $40,000 or as much as $150,000.
Unless you pay this cost outright, you’ll be paying interest on the vehicle over the years. Along with these payments, you’ll want to consider these factors about Land Rover ownership:
- Insurance premiums
- Maintenance and repairs
- Fuel costs
The average cost of owning a Land Rover for five years is nearly $145,000. Your total will depend on the vehicle, location, and you as the driver.
Land Rover Vehicle Depreciation
Depreciation is the difference between the sales price and what the SUV is worth in the future. Depreciation can be managed but not avoided.
If you purchase the more expensive Land Rover, five years of depreciation could make your vehicle worth only around $55,000.
This is something to think about if you don’t keep your Land Rover for five years or longer. You won’t see a return on investment when trying to sell it or trade it in.
Land Rover Insurance
A driver with full coverage, good credit, and a good driving record will pay less in auto insurance. However, the average annual cost for auto insurance for a Land Rover is nearly $3,000.
Rates will vary depending on the state the driver lives in, the age of the driver, credit ratings, and driving history. Insurance rates might also be drastically different from provider to provider.
To get the best rate for your Land Rover insurance, compare costs from various providers.
Land Rover Vehicle Maintenance
After five years of owning a Land Rover, you can expect to have paid a little over $5,000 for maintenance and repair costs. This estimate is based on normal wear and tear and scheduled maintenance.
If you have extreme repair issues, you might be paying more for maintenance. You can find wholesale parts to make repairs cheaper. Click for more on landrover wholesale parts that can bring your maintenance costs down.
Land Rover Fuel Costs
Land Rover ownership, like ownership of any vehicle, comes with fuel costs. Annually, you might spend over $2,000 on fuel alone, but this number depends on fuel prices and how much you drive your SUV.
Is Land Rover Ownership in Your Future?
The true costs of Land Rover ownership depend on more factors than the cost of the vehicle. Over time, you’ll be spending extra money on interest, insurance, fuel costs, etc.
Owning a Land Rover is best for those who want a long-term SUV to avoid depreciation. If you can afford the costs outlined in this guide, Land Rover ownership could be in your future.
For more articles on the auto industry, check out the other posts on our blog.