Range Rover premiums on the up!
Unsurprisingly, the new Range Rover is allegedly commanding a premium of tens of thousands of pounds over the list price at the moment. It seems people are desperate to get their hands on one. That near-two-year waiting list is forming a big brick wall in the way of buying a new one.
Luxury car dealer Tom Hartley claims to have recently sold a 22-plate Range Rover for a £30,000 premium to a customer from Ireland. This isn’t something new, with many car manufacturers desperately struggling with production issues caused by semiconductor chip shortages, and parts delays caused by the war in Ukraine.
Premiums like this are similar across the board. It seems people are very willing to pay the extra to get their hands on these cars without the wait. Porsche has been holding strong in the market for a long while. Models like the 911 Turbo S are in such high demand, that some are rumoured to be hitting almost £50,000 over list.
Along with that, the Lamborghini Urus is another example of these huge premiums, with Tom Hartley saying ‘One of the best residual cars in the last decade has been the Lamborghini Urus – a guy who bought one five years ago for £180k would get his money back today’. Some are even hitting £30,000 over the list here too from what we’ve seen through customer applications and sales listings.
When asked what the manufacturer thought of its cars being sold at a premium, Land Rover sales director Patrick McGillycuddy said: ‘Price premiums are frustrating for us as the customer isn’t getting the full Range Rover buying experience from our retailers.’
At this moment the market is so strong that we just can’t be surprised by all of this. If people are willing to pay the premiums dealers are stacking onto the cars, they definitely won’t be going anywhere soon.
We took an in-depth look at the New Range Rover recently, read more here.