MARKET NEWS: Why a Disco is a sound investment
WELCOME to the all-new LRM Buying Guide. It’s your go-to destination for the best-informed and up-to-date advice from our experts – and it’s the best in the business.
Every month we will focus on a different Land Rover model, starting this month with the ever-versatile Discovery 1 – a jack-of-all-trades model that does everything you can expect from a Land Rover… and does it superbly.
The following pages will tell you everything you need to know about buying a Discovery 1 and it is complemented by a special feature in this month’s Technical Section, in which Ed Evans goes into the fine detail of what to check to ensure your new purchase is mechanically sound and roadworthy.
There’s never been a better time to buy a Disco 1, because prices are at rock bottom but set to rise as this model steadily builds classic appeal. At a time when JLR’S fancier top-end models are subject to eye-watering depreciation, you can buy an appreciating Discovery 1 and feel very smug about your purchase.
Don’t just take my word for it. The classic car trade has been reporting a huge surge in interest during the coronavirus months. Although sales dipped during the first lockdown early in 2020, by summer dealers were reporting their best-ever sales in classic cars – with ever-increasing numbers of purchasers doing their business online. Classic specialists Hagerty were reporting sales up 41 per cent by November on their online sales hub.
According to John Maynard, head of valuations at Hagerty, the biggest surge in interest has been for vehicles from the 1980s and 90s, with buyers in their 40s keen to purchase examples of what were the vehicles of their dreams (but which they couldn’t afford) in their youth. The Discovery 1, launched in 1989 and in production until 1998, fits the bill nicely.
“They say: ‘I’m going to go out and buy the car I always wanted’,” says John. “The ones that their cool mates had but they were out of their price bracket at the time. That’s why modern classics are doing especially well. It’s inspirational cars that were just out of their financial reach, not trophy cars like Ferrari Testarossas.
“At Hegarty we insure 1.5 million classic cars – half of which are 50 years old or less.
“The classic car industry is big business. There are 34,000 people employed directly in the industry, which is worth £7.2 billion a year to the UK economy.”
Other Land Rovers models of massive appeal to modern classic car enthusiasts include – of course – the traditional Defender, with Tdi and Td5 models particularly in demand and fetching prices that are astonishing for what are, basically, 20 to 30-year-old utility vehicles. But if you’re going for a Defender, make sure you’re not getting an abused workhorse. There are some chancers out there in the used car world who are taking advantage of the Defender phenomenon by tarting up battered old farm hacks and sticking unrealistic asking prices on the windscreens.
The other perennial classic is the original Range Rover. In production from 1970 to the mid-1990s, there are still plenty around and sound, well-restored examples continue to fetch good prices. The earlier the better when it comes to value, but later models are more refined for on-road cruising. Rust remains an issue, but the values these vehicles are making makes restoration a sound investment.
The Land Rover model to watch out for in the coming years is the Freelander 1. Launched in 1998, early examples are now attaining class status, with the rarer three-door models and removable roofs probably the most prized. So too a V6 petrol engine under the bonnet.
Now is a good time to be buying an early Freelander, because they are cheap as chips and don’t suffer from the rust problems of most classic Land Rovers. Better still, they’re easy to work on and most parts are still readily available.
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