Cars
Range Rovers Become Thief-Magnets, Causing Prices to Tumble
- The second-hand luxury SUVs have dropped 9% in value since May
- Jaguar Land Rover considers bespoke insurance for car owners
Tim Coen, a property investor, loved his Range Rover Sport but decided it was time to go green. He wanted to trade in the gas-guzzling sport utility vehicle for an electric Porsche.
There was a snag, however. A string of Range Rover thefts in the UK has caused insurance premiums to skyrocket. While the Porsche was being built, his coverage provider said it wouldn’t re-insure the Range Rover. He searched online and the cheapest quote he could find was £48,000 ($60,100).