After careful research and reading through a lot of your forums, I decided I was going to try buying a 2004 Discovery SE. But when I look at what's available out there I'm seeing they're being sold 2-3 times the KBB or fair market price. Can anyone explain why? It's showing around $5k but a lot of models I'm seeing are starting at $10k and depending on the upgrades they are upwards to $15k. Thoughts?

 

It’s pretty simple really. Cars are worth what people are willing to pay. The newest D2 is now 15 years old and most had a tough life. The Classic SUV market is clearly becoming a “thing” and those buyers are willing to pay a premium for a “last of the Mohicans” style suv (pre IFS)
you can still buy lots of cheap Disco’s, just stay clear of the ones clearly being pursued by Classic car buyers.

 

I'm thinking that a restored Disco 2 with a newly rebuilt motor/transmission should easily be worth $8k to $10k.

In contrast, an unrestored Disco 2 with a blown motor will sell for less than $1,000 on the Dealer lots.

In between are Disco 2's that are nicely kept with low miles all of the way to Disco 2's that were driven hard and have mid 6 figure mileage on them.

Those examples will be in between the prices of a newly restored vs blown motor reject.

...people tend to have a reasonable idea of value. Vehicles are more often than not priced according to what they are worth.

A "bargain" price typically means that you will be doing your own mini-restoration.

A premium price suggests an example closer to being ready for daily use. After all, not all 15+ year old Disco 2's are that ready.

Adjust your point on the scale to match budget, wrenching talent, and heart.

 

They are not quite as abundant as say Tundra's so some of what you are seeing now is not representative of all that's available. Swiss cheese or ones in poor mechanical condition sell much less than book every day. The 10K and higher are sold by proud owners who dumped too much money into them or those trying to turn a profit.

If willing to take your time and can afford to spend $4-7k you should be able to find a nice well kept original example.
......

 

It's all about 'fashion' and peoples perception of what will be a 'bargain' later or 'fashionable' later. It's like the Series, Defender's and RR Classics, all of which had realistically hard working lives but now their perception's are of classics and many are, as stated, Swiss cheese examples to stay well clear of. Never buy a D2 hoping it will become a 'classic' as far too many were manufactured and they are just old unreliable gas guzzling 'tanks' and will remain worthless in most societies. So just buy one if you need a 4x4 or can afford to run one but never buy one for a potential 'classic' as you'll have to wait decades for that and even then it may never happen. Sorry to burst your bubble on this but that is life, it's a bit like gambling or company share ownership.

 

I have been watching D2 prices here in the southwest US. They range from $1200 to $5500. The ones for $5500 are being sold by people who are unaware of the oil pump/overheating/head gasket issues. The $1200 ones are admitting to needing a head gasket or the mil/ses light is on. With a good interior/exterior and potential engine problems a price of $2000-$2500 is expected. Anything less is usually parted out or donated to a charity for a larger tax write off.

 

 

" Why are LR Discos being sold twice what fair market value says? "

Simple, because a fool and his money will soon buy a LAND ROVER!

 

I'm with Lisa on this one -- Been hunting for a LR for about a month now and I probably have 10 or so CL adds "saved" in my account for LR's ranging from $700 - $5000. All in various states but $5k would be the max I'd be willing to pay for a LR at the moment and it had better have less than 130k miles and the HG replaced. Lots to choose from in the $1200 - $3k range but you gotta pick yer battles when choosing one of those

 

I will show you mine if you show me yours:

https://seattle.craigslist.org/searc...uery=discovery