Views for my first Defender

Good morning! I'm looking at buying a friends 300 tdi 90 (M reg) with 150,000 miles and it had a complete rebuild in 2020 with a Ricahards galvanised chassis. There are pages of receipts from the local garage (no-one big in the LR world as such) who carried out the work of approx £19,000. The defender looks great, but what are your thoughts on what it is worth please (ball park).Is it worth more or less than the above figure? It doesn't have any records of servicing before 2013 but it was in the same family for 20 years prior to this. The owner is happy for an independent RAC inspection in addition to me and a trusted friend having a good inspection too. I appreciate any guidance!

When it comes to money spent on restoration projects it rarely reflects in a value greater than the amount spent. More often it is a lot less.
However when it comes to Landy's these days .

Did the rebuild include the engine? £19k seems a bit steep - not from a buying pov, more from what did they find to do that cost all that?

tottot said:

When it comes to money spent on restoration projects it rarely reflects in a value greater than the amount spent. More often it is a lot less.
However when it comes to Landy's these days .

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OK, thank you. I know what you mean, prices are crazy! I've seen some others for sale, that haven't been rebuilt (same age and mileage) and they're around £12-15k. This one looks 10x better and has had more done to it with the addition of the galv chassis, so in my eyes the extra money this one is, doesn't seem too bad - but I'm trying to be led with my head and not my heart as such. Does lack of / only recent service history matter massively do you think?

Beneagles said:

Did the rebuild include the engine? £19k seems a bit steep - not from a buying pov, more from what did they find to do that cost all that?

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It didn't have an engine rebuild, but a few parts. I'll try and post photos of the receipt for the work done...

I’d say £19k is more than its market value by some margin unless it’s had lots of upgrades and new parts, making it essentially a new vehicle. But when you pay a business to do the work, it’s quite easy to get a bill for £19k. Take a look at eBay and LRO classifieds to get an idea of similar vehicle prices.

Knappster said:

I’d say £19k is more than its market value by some margin unless it’s had lots of upgrades and new parts, making it essentially a new vehicle. But when you pay a business to do the work, it’s quite easy to get a bill for £19k. Take a look at eBay and LRO classifieds to get an idea of similar vehicle prices.

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Thank you for your thoughts. It does look new, with all the new parts above and the respray. The parts and materials were £9700 and labour around £6300, then VAT and a few other bits like MOT and wheel tracking/balancing. He has not advertised his yet but I've seen some on ebay, a green one that is £21,000 (with a galv chassis) and hasn't had as much work as my friends (which is less money and I think looks nicer than the ebay one). It's hard to gauge at what is actually selling at what prices.

Sounds like it's had quite a few bits and bobs replaced, not just the chassis!

Swimboy14 said:

OK, thank you. I know what you mean, prices are crazy! I've seen some others for sale, that haven't been rebuilt (same age and mileage) and they're around £12-15k. This one looks 10x better and has had more done to it with the addition of the galv chassis, so in my eyes the extra money this one is, doesn't seem too bad

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You are answering your own question. I agree it may be worth paying more for a vehicle you know has had the work done.

kermit_rr said:

Sounds like it's had quite a few bits and bobs replaced, not just the chassis!

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Yes, which is what I like about it and hopefully wouldn't need too much doing to it as time goes on (except usual/preventative stuff). Do you think that will help re-sale potential in the future? As I can't imagine there are many really nice ones out there for sale that haven't had some work done that aren't mega money?

Interceptorxj said:

You are answering your own question. I agree it may be worth paying more for a vehicle you know has had the work done.

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Thank you - I guess I needed some reassurance or someone to say it's really over-priced, but looking at what else is for sale at the moment... He's also just found service documents for 2014, 2016, 2016 before the refurb was carried out, so that's a bit better than just last years service record!

Swimboy14 said:

It's hard to gauge at what is actually selling at what prices.

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It's immaterial, the value will always alter after you have bought it anyway. It may go up it may go down, there is no way of knowing without a crystal ball. The market is very strong at the moment and there is also always the possibility if you snooze you'll lose! Have you tried haggling with him, offer 17k and gauge a response?

Swimboy14 said:

OK, thank you. I know what you mean, prices are crazy! I've seen some others for sale, that haven't been rebuilt (same age and mileage) and they're around £12-15k. This one looks 10x better and has had more done to it with the addition of the galv chassis, so in my eyes the extra money this one is, doesn't seem too bad - but I'm trying to be led with my head and not my heart as such. Does lack of / only recent service history matter massively do you think?

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Service history doesn't matter all that much if the usual checks and test drive come up good.

But that is stupid money. You could buy a pretty able brand new car for that.

Interceptorxj said:

It's immaterial, the value will always alter after you have bought it anyway. It may go up it may go down, there is no way of knowing without a crystal ball. The market is very strong at the moment and there is also always the possibility if you snooze you'll lose! Have you tried haggling with him, offer 17k and gauge a response?

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Very true. It's definitely not an investment thing but it would be nice not to lose too much (or even gain, like you say!) He said he would knock £500 off, but is staying with the fact the market value is strong at the moment like you mentioned too... Decisions!?

Turboman said:

Service history doesn't matter all that much if the usual checks and test drive come up good.

But that is stupid money. You could buy a pretty able brand new car for that.

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OK, thanks. It is silly money...but I guess it's the market and with demand increasing possibly, they may go up more. Equally, people might not want them as much and they go down a bit, but I think it would fairly safe and not lose too much on it, if it bought it and then sold a few years later.

Its probably not overpriced for a Defender at this moment in time. But for me, all defenders are overpriced at the moment, and in the words of the Dragon's, I'm out.

As noted above, I could get a bleddy nice to drive car for that sort of money.

Swimboy14 said:

OK, thanks. It is silly money...but I guess it's the market and with demand increasing possibly, they may go up more. Equally, people might not want them as much and they go down a bit, but I think it would fairly safe and not lose too much on it, if it bought it and then sold a few years later.

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Never try and call the markets.
It is your money, but I think you are crazy to spend that. Have you ever driven a Defender day in, day out?
Or are you planning to keep it in your front room and polish it?

potus said:

Its probably not overpriced for a Defender at this moment in time. But for me, all defenders are overpriced at the moment, and in the words of the Dragon's, I'm out.

As noted above, I could get a bleddy nice to drive car for that sort of money.

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I know what you mean, I agree that they are all overpriced at the moment!

Turboman said:

Never try and call the markets.
It is your money, but I think you are crazy to spend that. Have you ever driven a Defender day in, day out?
Or are you planning to keep it in your front room and polish it?

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Good point. He may go to £18,500 but that would be the absolute lowest. I've not as a daily (which this would be, only 5 miles at a time - 2/3 times per day). I would definitely use it, but also look after it. It wouldn't be a show piece.

If (when!) you do buy it, make sure you invest in lots of decent security measures for it. They’re also very popular with thieves. It’s another discussion in its own right, with lots of help and advice on here. You will become paranoid about where you leave it and whether it will be outside your house in the morning.