I go around this very dilemma every time the D4 sneezes. I keep coming back to the same conclusion: Stick with the D4.
We recently replaced the duty cycle of the D4 with an electric car, allowing the disco to be retired from the daily school run, shopping trolley duty, etc etc. It spends most of its day parked at an undercover train station carpark, though that too will change shortly, when I start riding a scooter for that.
By dropping the use, there is the obvious flow on effect of lower costs. We still have it there when we go on a trip, want to move lots of people, or tow/lift heavy things, but for all else it enjoys sleeping in the garage.
The downside of this, if you can call it that, is that the justification for a replacement (Defender, Grenadier, whatever) is particularly difficult. Fixed costs like Rego and Insurance won't change (or may even go up), and the lower running costs won't come close to paying off the changeover price of a new equivalent car - anticipated at $140k+.
A used but newer model has been considered. We love the practicality of the disco, but even the newest D4 is now 8 years old, so you're gambling on previous use/servicing. A big risk for what is essentially the same car.
We aren't interested in the D5, the oldest new Defenders aren't my bag (I don't want a 4 cylinder) and the newer used ones haven't depreciated enough to make them enticing. I would love a FFRR, though we would be starting all over with accessories, and that too would be an old vehicle to be in a worthwhile price bracket.
I am conscious too, of looking at the problem through the eyes of a Father of 3 (9, 5, and 1), meaning any car used for our adventures will need to deal with mud, sand, car seats, vomit, Maccas chips, sticky fingers on the windows, etc etc. Not something I want to subject a new car to!
If you like the D3, an option may be to update those elements that are dating? I added carplay to the OEM screen which brings it right up to modern standards for maps, music etc. I retrofitted HSE and heated seats, so it extra comfy. The other stuff like dual batteries and towing electrics maintain its super practical status.
But yes, the pressure of consumerism, and needing to update is ever-present!
2010 TDV6 3.0L Discovery 4 SE remapped to RRS output, Alaska White, GME XRS-330c, IIDTool BT, Dual Battery, Apple CarPlay, OEM Retrofitted: Cornering lights, Door card lights, Power + Heated Seats, Logic 7 audio
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