Originally Posted By: 440Magnum
Because the last truly great Toyota land cruiser was built in 1983. The "classic 40" series TLC was one of the most awesome 4x4s ever built, right up there with the original Land Rover, the Dodge Power Wagon, and open Jeeps of all vintages. It was true Kalahari-capable machinery. If you find a great example of one now, it WILL NOT be cheap.
The 80-series and later, while still solid Toyota vehicles (and yes, those of you who know me know I'm no Toyota fan, but these aren't junk- they're decent machines) are severely degraded in offroad ability. They're really just on a par with things like 4x4 Chevy Tahoes, Ford Explorers, etc. They're not really comparable to the ZJ and WJ vintage solid-axle Grand Cherokees or the XJ Cherokees when it comes to offroading.
So your answer to why they're cheap is: either you're looking at a great offroad but very OLD and rundown vehicle in a classic 40, or you're looking at a a luxo SUV that's not really offroad material and is probably becoming a maintenance headache to its owners.
Then there's the current FJ 40, which I like to call the "Fake Jeep 40." Truth be told, from the body shell downward, it *IS* a capable offroad vehicle, much more like the classic 40 than the luxo 80-200 series Land Cruisers. The bad news- the body shell is HORRIBLE. Visibility is so awful I'd never take one of those rock crawling. No intrinsic visibility, horrible mirror size and placement, and lots of plastic => totally undermines the good capabilities of the drivetrain, frame, and suspension.
This is counter to my experience...and yes, I have owned, modified and wheeled all types of Land Cruisers.
The 80 series has better wheel travel, better power to weight ratio ('93 and later) and has factory lockers available (starting also in '93).
The stock 40 series had [censored] for a crawl ratio and that, coupled with the relatively weak motors, made rock crawling miserable with a stocker. A stock 80 with lockers is much better. Use a little common sense and spotting to make up for the greater overhang and you will go where the 40 cannot.
Now, modify a 40 to add lockers, a 60:1 crawl ratio and better wheel travel and it will generally beat a stock 80.
But stock vs stock, I'll take a locked 80 any day. A lot more comfy to the trail, too!
As to the low prices for used 80 series, I believe it is the 15 mpg that kills the re-sale more than anything else. I picked up my 4th Land Cruiser (a locked '93 with 65k miles) for $3,800!
Maintenance is expensive if you have to pay someone...but most of us do our own bearing and birfield maintenance. Much of the cost is labor (as is often the case).
My $0.02
Tim