For the Jeep Grand Cherokee, 2008 has been an annus horribilis. Economic gloom, rising fuel prices and an increasing hostility from environmentalists towards 4x4s have seen second-hand values dropping like bank shares.

Today a Grand Cherokee diesel changes hands at auction for about half its new list price just one year ago. That is serious depreciation, and bad news if you’re an owner, but terrible news if you’re a dealer with a full showroom. It’s great news, though, if you fancy buying a second-hand example of “America’s Range Rover”.

Introduced to the UK in June 2005, the latest Grand is 2in longer and half an inch wider than its predecessor. But the latest model still suffers from reverse Tardis syndrome — big on the outside, small on the inside — and it’s anybody’s guess how Americans fit into it.

The car weighs about 2,300kg — 500kg less than an equivalent Land Rover Discovery, yet it has much the same towing capacity — 3,360kg against 3,500kg. At launch it was offered with two petrol engines — a 228bhp 4.7 litre unit and a 322bhp 5.7 litre V8 — both providing good, albeit thirsty performance. In terms of fuel economy, 20mpg is about the best you can expect from them.

September 2006 saw the introduction of the 420bhp 6.1 litre V8 SRT-8 model (pictured), which quickly gained a cult following. At a little more than £41,000 new, it cost almost half the price of a Porsche Cayenne Turbo, but could give it a run for its money, covering the 0-60mph dash in 5sec. With second-hand prices now starting at a bit more than £20,000, the 6.1 litre offers huge performance for the money, but it won’t better single-digit consumption if driven hard. You can forget any thoughts of serious off-roading, for anything more than a National Trust car park will bring it to a halt.

Unsurprisingly, most buyers choose the excellentV6 diesel instead. This Mercedes-Benz engine produces 215bhp, can nudge 30mpg and will take the car from 0-60mph in 9sec.

Jeep answered criticism of the previous model’s ride and handling by introducing independent front suspension and rack-and-pinion steering, plus three electronically controlled differentials and electronic stability control. However, the old “live” rear axle remains, so the latest Grand Cherokee still has compromised ride and roadholding.

Previous generations haven’t performed well in the JD Power customer satisfaction survey, owners often citing electrical problems, so check everything works before you buy, and remember the Grand Cherokee needs a dealer visit every 12 months or 12,000 miles. However, due to a weak market for big 4x4s and little hope of an imminent upturn, the Jeep will struggle for buyers’ attention, so bargains are there for the taking.

CHECK THE FOLLOWING:

ALLOY WHEELS

Come as standard — check for signs of kerbing and uneven tyre wear

BUMPERS

Parking sensors aren’t standard on all, so check for parking scuffs

CLIMATE CONTROL

Check it blows both icy cold and red hot in quick succession

ENGINE

4.7 litre V8 phased out when 6.1 litre introduced in 2006

MIRRORS

Large side mirrors prone to impacts, so check power-fold function

SAFETY

Euro NCAP four stars for adult occupant safety, three for child occupant safety, but regrettably it gets no stars for pedestrian safety

SEATS

Leather upholstery with electric front seat adjustment is standard on all, but check motors work smoothly

STEERING

Adjustable for height only, but electric-adjust pedals compensate

VITAL STATISTICS

MODEL Grand Cherokee 3.0 CRD Ltd

ENGINE 2987cc, six cylinders

POWER 215bhp

TRA N S M I SS I O N Five-speed automatic

FUEL 27.7mpg (combined)

CO2 270g/km

ACCELERATION 0-60mph: 9.0sec

TOP SPEED124mph

COST NEW (2005)£32,687

TAX BAND F (£210 a year*)

*Band G, £400, if registered after March 23, 2006

VALUES

MILEAGE 10,000 20,000 40,000

2005 (05)

Trade £10,150 £9,650 £8,700

Retail £13,150 £12,650 £11,695

2006 (06)

Trade £11,650 £11,100 £10,000

Retail £14,895 £14,350 £13,295

2007 (07)

Trade £13,350 £12,650 £11,450

Retail £16,850 £16,150 £14,950

THE ONE TO BUY

A 2005 05 Jeep Grand Cherokee 3.0 CRD Limited automatic with 40,000 miles on the clock. Pay £11,695 at a Jeep dealer or £10,500 privately

OR FOR SIMILAR MONEY

2003 03 Toyota Land Cruiser 3.0D-4D LC3

2003 53 Mercedes-Benz ML 270 CDI

2004 53 Land Rover Discovery 2.5 Td5 ES

2004 54 Nissan Patrol 3.0 Di SVE

2006 06 Ssangyong Rexton 270 Xdi SX7

OWNER’S VIEW

For its size, my 5.7 V8 is easy to drive. It also has bags of power. And as I do a low annual mileage, the running costs are acceptable.

David Bowker, Derbyshire