LR3 prices continue to fall

[haven]

I was browsing a couple of used car web sites this evening (yes, nothing on TV). It looks like many 2005 Land Rover LR3 models are for sale for less than $15,000. That's a 7 year old car. The LR3s typically have 75-90K miles on the odometer.

Meanwhile, the market for the Jeep Wrangler Unlimited is on fire! It's hard to find a 2007 four door Wrangler selling for less than $18,000. We're talking the base Wrangler X 4x4. Rubicons are thousands more.

What am I missing here? Do expensive LR3 systems fail at 100K miles?

 

[I Leak Oil]

I would hazard to guess that it's a combination of things. Poor quality reputation for the brand in general, people don't want the vehicle after the warranty is up, scarcity and general lack of dealer quality, the vehicle is a nich market to begin with.

Besides, everyone likes a Jeep KJ or TJ or CJ....how can you not?

 

[ipgregory]

I would say that is an unfair comparison. Compare the LR3 to a Grand Cherokee or one of the other Jeep SUV models. Compare the Defender to the Wrangler and other Utility Jeep Models. Like for like. Of course since you can't get a Defender here there is no comparison for the Utility line here in the US.

 

[LtFuzz]

I
Besides, everyone likes a Jeep KJ or TJ or CJ....how can you not?

I don't care for KJs, TJs, CJs, or any other kind of J.

 

[haven]

let me restate the question: The LR3 is looking like a raging bargain right now. Are three known weak points that need expensive maintenance on a 6 or 7 year old LR3 with 80k miles?

 

[Ryanmb21]

haven see user nwoods' posts, he has a site on LR3 topics and it's a great resource.

http://lr3tips.wordpress.com/

also this post seems on topic:
http://lr3tips.wordpress.com/2008/09/11/buying-a-used-lr3-v6-or-v8-which-options-cautions/

 

[rijosho]

let me restate the question: The LR3 is looking like a raging bargain right now. Are three known weak points that need expensive maintenance on a 6 or 7 year old LR3 with 80k miles?

Search LR3 on here - plenty to read about - many love them. They eat through rotos and pads but otherwise fairly "dependable"...much more so than say a Range Rover from 2005.

Basically, gas guzzlers, and any 6-7 year old car with massive amounts of technology built into them are not commanding any sort of premium right now. The LR3 is guilty of all of those, and so the market is adjusting. Additionally, the LR4 is now out on the market so the LR3 market value took a larger hit for that recently. Those factors, combined with the issues that have occured in mostly the 2005 models (first year - still ironing out bugs) have hurt the LR3's reputation a little, plus the fact that it is still a Land Rover (so no matter what, the perception is not entirely one of dependability and cheap repairs), are not aiding in the LR3s resale value overall.

 

[jhawk]

I just picked up an 05 for a little under 16,000. Which is a heck of a bargain. I looked at a number of them, the majority were beat up inside. Remember, for most people these are just cool station wagons and get treated as such.

Jim

Search LR3 on here - plenty to read about - many love them. They eat through rotos and pads but otherwise fairly "dependable"...much more so than say a Range Rover from 2005.

Basically, gas guzzlers, and any 6-7 year old car with massive amounts of technology built into them are not commanding any sort of premium right now. The LR3 is guilty of all of those, and so the market is adjusting. Additionally, the LR4 is now out on the market so the LR3 market value took a larger hit for that recently. Those factors, combined with the issues that have occured in mostly the 2005 models (first year - still ironing out bugs) have hurt the LR3's reputation a little, plus the fact that it is still a Land Rover (so no matter what, the perception is not entirely one of dependability and cheap repairs), are not aiding in the LR3s resale value overall.

 

[MattScott]

I would say that is an unfair comparison. Compare the LR3 to a Grand Cherokee or one of the other Jeep SUV models. Compare the Defender to the Wrangler and other Utility Jeep Models. Like for like. Of course since you can't get a Defender here there is no comparison for the Utility line here in the US.

Hmm, Defender vs. Wrangler.

 

[taylorRichie]

And I just paid $5,000 for a 2004 D2, with 100K miles.

It does need a little work (ABS Sensors, and potential shuttle valve modification) But It's super clean, inside and out. I was shocked. I couldn't get a 4Runner with the same mileage for less than double that. Granted the 4Runner engine is going to run much longer with much less maintenance... but with the $5K differential I should be able to maintain the D2 for as long as the 4 Runner.

Plus the overall fit and finish is more refined in my opinion.

JKU's are awesome, they were on my Radar, but their price point on the used market didn't seem worth it to me.

 

[LtFuzz]

but with the $5K differential I should be able to maintain the D2 for as long as the 4 Runner.

This is such an essential difference when comparing Rovers.

A $15k LR3 may be a "gas guzzler", but a Passat TDI will get north of $30k in a hurry.

I can buy quite a few tanks of gas for $15,000.

 

[johnsoax]

I just picked up an 06 LR3 SE for 14,900 two weeks ago.

Right now the only issue is that the High/Low switch isn't working. Even if that takes $1000 to sort out, I think it is a good deal.

It's already beating the pants off my 95 Disco I in fuel mileage.

 

[huskyfargo]

It depends on the year and the shape it's in. My buddy and I both own 2008 LR3's, white in color, HSE. His has 65K miles, mine 71K. We both received a message in the mail from the local dealership asking us to sell our Rovers. When we asked just how much they were prepared to offer, they quoted us a number ~$10K more than what we paid for our respective Rovers. He bought his 2 years ago, and I bought mine 1 year ago. So, not all LR3's are falling in price. I think I'll hold on to mine, as I'm incredibly happy with it!

 

[bri]

I)f I were thinking 15-16k, I'd think '06 range rrover.

 

[haven]

bri, you may be on to something here.

Doing a little searching on Autotrader for 2002-2006 Range Rovers, within 500 miles of LA (no rust), fewer than 100K miles, and price less than $16K, I found 16 vehicles for sale. One cost less than $10K.

Search nationwide, and I see 64 more Range Rovers, with six less than $10K.

Here's one for sale in Miami, 2002 Range Rover, 68K miles, $10K
http://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?listingId=319244121

And here's a 2002 RR, 88K miles, in Las Vegas for $9000
http://lasvegas.craigslist.org/cto/3238710803.html

What do you think? 2002 Range Rover or 2005 LR3?