I saw that G4 on Cragislist too. It looks sweet and I think the price is about right. The special vehicles badges and toys make it unique. That said, a Freelander can have lots of problems. Be sure to get the service history on it. A 2003 with 40K miles is still under factory warranty. As a second owner, I don't believe you can purchase the extended warranty but that would be something to check on. The '03s are better than the '02s but there are still some things that are common: heater core, CV joints, sun roofs for sure, some engine replacements at around 55K due to head gasket or cylinder liner problems (coolant loss symptom). The satisfaction you have with them is largely due to the competence of the maintenence they get. If this one has been serviced at LR Rocklin then it's probably good to go. They're great.
Freelanders tend to go through brake pads about every 20K-25K miles and rotors half that often. They are easy to do yourself and expensive at the dealer. The 48K service isn't too bad. The 60K service is bigger ($600) and the 72K service is a biggie ($2000) since they replace the timing belts. If you can find an indie shop, it's cheaper.
Driving wise, it's a sweet car. Great on the highway and around town and sufficiently capable off-road that not too many will leave you behind. Compared to an Element, it's night and day. My neighbor had an Element which I drove a couple times. At 60 mph on the freeway it felt very unstable and was going to fly off the road. Maybe hers was a dog but I'd rather walk than own one.
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