Land Rover Range Rover (P38)

The P38 Range Rover has fallen to a median asking price of £16,651 in the UK market, down 25% year-on-year and signalling a clear sell environment for current owners. With only seven recorded transactions tracked over the past twelve months, the data set remains modest but consistent enough to establish a downward trajectory.

Condition normality hovers around 28,120 miles on transacted examples, suggesting that even relatively well-preserved examples are circulating in the secondary market without supporting values. This modest mileage profile indicates that time and storage rather than heavy use are the primary wear factors affecting inventory.

The P38 occupies the stable modern classic category with moderate desirability, a middle ground that has not proved resilient against recent market headwinds. Liquidity remains thin, with virtually no active listings currently tracked, meaning buyers have limited immediate choice and sellers face an elongated marketing window.

Base projections suggest sustained depreciation out to 2029, with prices falling to approximately £8,720 by year three (a further 47.6% decline) and £7,183 by year five (56.9% from current levels). These extended forecasts reflect the model's struggle to find a stable floor value among collectors and enthusiasts willing to sustain demand.

The combination of thin trading volume, moderate collectibility scoring, and steep downside forecasts points to a market clearing phase rather than a collecting moment. Owners should treat current valuations as windows for exit rather than entry points, pending any significant shift in broader demand for early 2000s Range Rovers.