So l have always looked at the Defender "Puma" because the vehicle is still a Defender but would be more useable for me day to day.

Currently l am being offered effectively a straight swap for my 2022 Defender a 2015 Puma XS 110 with 27,000 miles.

One of the things that concerns me about my 2022 Defender is the steady decline in its value.

lt's currently worth around £44,000.

But looking at the Puma Defender the values seem to drop just as fast as my new one.
The very best are around £40,000. l've looked at a 2.4 XS 110 with 4,000 miles (£40,000) and a 2016 with 13,000 (£36,995)

Both been on sale for months.

l've also looked at higher mileage examples and here's where the issue is.
At 100,000 miles the value drops to under £20,000.

Last month l looked at a 2008 XS 110 Utility and it was very nice, no corrosion and the chassis/rear crossmember was fine. Mileage just over 100,000

Drove great, seller just paid for a new clutch and output shaft so no slop in the transmission at all.

Up at £17,000 and a month later still for sale.
On the TD5, 100,000 was fine. A quick trawl on Ebay reveals legions of similar post 2007 Defenders at £20,000 and under.

The 13,000 miler at £36,995 was lovely to drive and felt new, it even smelled new inside.

But it's not selling.
Maybe it's ULEZ killing them all off down south, as that's where most of the ones for sale seem to be.

There not selling because most people look at them as a out of date dinosaur which will become more of a liability as each year goes buy.
There is a local van hire place who bought a few late model Defenders, all of them sold for a loss.

Pay £40000 for a low mileage example that you would be unable to drive ?
As you have said once the mileage goes up the price drops rapidly
There just aren't the people spending that sort of cash in toys that there were during lockdown

Rose tinted spectacles.

Look at the tech pages on the forums- Puma problems feature prominently even though they are the newest Defenders. Ford design a product that keeps the first owner happy and doesn’t run up warranty bills, they don’t engineer anything to last much beyond that.

Pay £40000 for a low mileage example that you would be unable to drive ?

lf l did buy one it would go straight to work, doing around 10,000 miles per year.

Looking at the prices of higher mileage Puma Defenders it wouldn't be a financial decision, it would be purely down to which vehicle l would rather drive.

Be interesting to see where L663 residuals are heading and where the curve flattens, if I were to hazard a guess I would say high 20s. For the classics it is now a combination of miles, condition, engine and body variant - the 110 dcpu seems a particularly slow seller (it was the cheapest 110 when new) so there will be more downward pressure than say 110 sw. Pumas have room to fall further, Td5s have plateaued and the best Tdis are on the way up. I would sooner pay £35k for a 300Tdi 110 SW than I would for a Puma.