Why the Jeep Wrangler Rubicon 392 Is a Future Collectible

The original World War II-era Jeeps had simple, rugged four-cylinder flathead engines. They made 50 to 60 horsepower, adequate but unexceptional. Then, the most common versions of the Civilian Jeep or “CJ” (the CJ5 and CJ7) had various fours and straight sixes. Some CJs got V-8s, but the last one from the factory was powered by a somewhat asthmatic 304 cid engine from AMC, and that was over 40 years ago. In short, the CJ and the more modern Wrangler that replaced it have have very little V-8 heritage, and the performance chops that come with it. The only major exception is the Rubicon 392. Built on the Wrangler’s fourth generation JL platform, it’s both the latest Wrangler built with a V-8, and almost certainly the last one. The circumstances, the comparative rarity, and the sheer desirability of the Wrangler Rubicon 392 bode well for its eventual collectability.

Until Ford re-introduced the much-anticipated Bronco in 2021, the Jeep Wrangler had very little direct competition for the last several decades. But when Ford finally gave its dedicated off-roader fans what they’ve been clamoring for, it was generally well-received and Jeep’s bread-and-butter model had a major rival all of a sudden. That said, Ford ignored one key aspect of the original Bronco’s heritage—a small-block V-8. Unlike with the old CJ, a V-8 was very much part of the Bronco’s DNA, dating way back to the 1960s. Thus, the 2021 introduction of the Wrangler Rubicon 392 and its 6.4-liter Hemi was no coincidence. In fact, it was a giant middle-finger to Ford, a cruise-missile aimed squarely at the Bronco’s weak-spot.

The appeal was that this new vehicle offered all the ruggedness and off-road fun of a regular Wrangler people know and love, but came with added V-8 punch from Dodge’s muscle cars. Jeep called the Rubicon 392 “the top of the mountain” for the Wrangler. The fastest, and most powerful Wrangler ever. Car and Driver was less subtle with its headline “Jeep Goes Nuclear.” The performance results of stuffing a 470 hp Hemi into a Wrangler of all things are nothing less than astonishing—0-60 in 4 seconds, flat. Those were Corvette C7 numbers. Being a tall off-roader, braking and cornering are nothing to be impressed with, but nobody is surprised or particularly disappointed by that. The 392 comes standard with full-time four-wheel-drive, and somewhat frighteningly, the “Off-Road Plus” drive mode allows you to lock the rear diff at speed. Yikes. Fuel economy is surprisingly not horrible—13 mpg city and 17 highway (with liberal use of cylinder deactivation). For reference, that’s not that far off of what I get with my 2008 Porsche Cayenne.

392 Rubicons are easy to spot in the wild. In addition to the graphics, there’s a hood scoop and a two-inch lift over a normal Wrangler. And little else is normal about the 392. “The 392 isn’t about making sense. It’s about making noise, and stomping Broncos, not necessarily in that order…..The Rubicon 392 is royal handful, a bellowing muscle-bound clodhopper on 35-inch tires. If it’s your dream Wrangler, thank Jeep for giving it the green-light for production—right after you thank Ford for applying the pressure” said Car and Driver back in 2021. And it’s not just a loud gimmick, either. Hagerty’s review of the 2022 Rubicon 392 called it “a fully baked banger, a hit single that tops the charts above any dedicated off-roader on lots today.”

Of course, all things in the automotive world that are good, insane (or both), eventually come to an end and the Wrangler Rubicon 392 is no exception. It was generally believed that with the sunsetting of the long-standing Hemi engine, that 2024 would be the curtain call for the monster Wrangler. But, among the last of the Hemis, it gets a reprieve until the end of the 2025 model year. The Final Edition gets bronze accents, some plaques and a deluxe tool kit, and an eye-watering price of over $100,000, more than $25,000 more than the 2021 Rubicon 392.

The expense and sheer impracticality of the 392 Rubicon made it a comparative rarity accounting for just 2.5 to 3 percent of total Wrangler production. A very rough estimate would probably place total 392 production at well under 25,000. While that’s a ton of cars if you’re Rolls-Royce, for an American volume manufacturer that’s fairly scarce. And given the way many will probably be used, the attrition rate is likely to be high for a while. As the ultimate internal combustion Wrangler, a lightly-used 392 Rubicon will certainly hold its value, and eventually appreciate as not just the last V-8 Wrangler but also as among the last Hemi V-8 powered vehicles ever. After all, in collector circles, the “last of” something tends to get attention after it’s gone.