TheBig Story
Range Rover P38 prices
‘They are unfairly tarnished because many haven’t been maintained as they should have been’
It has been some time coming, but the classic market is gradually waking up to the second-gen Range Rover, the P38. Overshadowed by its predecessor for many years, there are signs that the market is finally embracing these later cars.
Ambitiously complex when launched, the P38 remains misunderstood; criticism stems from the (now dwindling) number of neglected examples on the road, bought when prices were at their lowest, and run on a shoestring.
Land Rover Owner International workshop editor, Martin Domoney, said: ‘People who shout from the rooftops that the P38 is the best thing ever, that it’s the next hot ticket and that they are going to retire on the proceeds of their 198,000-mile DSE with baler twine holding the tailgate closed are generally the only people who are well into P38s – you only have to look at the results from the last Anglia Car Auctions Classic Sale and various eBay listings to find that poor and average ones still sell for peanuts.’
‘I have no doubt that low-mileage, low-owner cars will increase in value over the coming years, as some of the limited editions like the Westminster, Bordeaux and Holland & Holland are doing already. They are unfairly tarnished to an extent because they were expensive and luxurious when new and needed to be maintained as such, though many haven’t been.’
As P38s begin to make more regular appearances in classic sales, is the time right for a re-evaluation? With a plethora of features and running reports in classic magazines, many might assume that the P38 is already in classic status, but South Western Vehicle Auctions’ Chris Holmes said: ‘If I am really honest, P38s, like a good Stilton, need a few years to mature, so perhaps these are the models to squirrel away for future investment.’
According to Dorset Vintage & Classic Auctions’ Brian Chant, the P38’s image can sometimes work against it, but that is an ill-judged stance. ‘A bit like the MGC, it suffered through being the replacement for an icon and was unfairly judged as inferior. Like all once-expensive cars, 4x4 or not, condition is paramount rather than age. Some have never seen worse than an urban puddle while being lovingly tended by owners.’
A well-documented past is vital for happy P38 ownership, but with that comes the need to keep on top of servicing and repairs. Brian said: ‘Choice should be governed purely by history. A sheaf of bills and MoTs is what buyers want to see no matter whether they choose diesel or petrol variants. Regular maintenance will have helped to keep the gremlins away and new owners must be prepared to continue this rather than skimp on running costs. Values will rise!’
Whether values really do rise is for the market to decide, but those looking for a P38 would be wise to hang on for the best they can afford, because the market is still suffering from a plethora of poorly-maintained examples.
Charterhouse’s Richard Bromell said: ‘P38s have plenty of electronics and air suspension to go wrong, they are susceptible to tin worn like any other 25-year-old motor and many have not been serviced regularly by Range Rover or fitted with genuine parts due to the cost. With plenty available for the price of an all-inclusive holiday, you pays your money and you takes your chance.
‘If you can find a good one with low ownership and super service history without a [sometimes problematic] gas conversion, then it might be worth looking at more seriously.’