You Probably Didn’t Know How Much A Range Rover Actually Costs
Range Rover price tag
I recently ran into an acquaintance this week who turns out now works for Range Rover! He does the marketing and PR work for the Dallas area. I decided to hit him with a few fast and loose questions and boy was I surprised at what actually came out of his mouth. If owning a Range Rover is a goal of yours get ready for a shock, but don’t forget you can chase your dreams today!
The range of rovers
First off the average cost of a purchased range rover is $103,000. Malcolm, my acquaintance, told me this can be misleading as a large portion are much higher than this. Those purchasing the smaller and evoke models on such a large scale bring this down. The price range goes from around $80,000 to a staggering $450,000 for a Range Rover. Bullet proof windows are not included, I asked. Can you really afford it? check out if you really can by following the link to a great budget guide.
What it will cost you
The average monthly cost of a Range Rover? $1,800 a month. With the range extending from $1,400 to a whopping $4,500! As we talked about if it fits in your budget and that’s what you want I say go for it! For most millennials this is going to be more than they pay for most of their bills combined. For TopMillennials you’re still in for a news flash. Odds are very slim that you can get one in your 20’s and here’s why.
The average client for Range Rover
The average client for Range Rover is a life time buyer. They’ve bought Range Rovers for the last ten to twenty years and they aren’t stopping any time soon. You may be thinking I guess I better start now! The average buyer is not in their 20’s, or 30’s for that matter either. Think more 40’s, 50’s, and 60’s and they’re not just buying them for themselves
The average Range Rover owner has more than one. Because as we know with all fine tuned machines with many moving parts. They’ll be spending some time in the shop. As well as their children will be needing a “reliable” vehicle to be getting around college. A Ford or a Honda just wouldn’t do! The average owner has almost 3! This isn’t including their weekend cars or anything else for the family that’s needed.
Staying in your range
The average buyer makes between $700,000 and $800,000 a year. Let that sink in. What do I recommend as the most you should spend on a vehicle? 15% of your yearly income as I wrote about here. 15% of $700,000 coincidentally turns out to be $105,000. Which is just above the average purchase price average! I think we can all learn a lesson from the ultra rich who are being conservative with their money on vehicles.
My sister recently asked me when I was going to be trading my 10-year-old car for something much nicer “now that I can afford it” I told her there’s no way I can afford something as nice as what I now drive as I’m not making a quarter of a million dollars yet. Does it suck to drive a 10-year-old car when everyone else is driving Mercedes an BMW’s? Not really, it gets me from point A to B and keeps me cool in the summer and warm in the winter. That is all a vehicle is really for anyway right?
What do you think? is 15% annual income too much or too little to spend on a car? Let me know in the comments below.