From the Classifieds: Toyota LC70 prices soar – again

We knew it was going to happen – the number of ‘used’ Toyota LandCruiser 70 Series V8s listed for sale on carsales has skyrocketed.

And so has the average asking price of the venerated off-roader.

The spike in prices for used LandCruiser 70 Series V8 vehicles follows Toyota’s announcement of a production wind-down and, at the time of writing there are 727 V8-powered 70 Series’ listed on carsales for more than $100,000.

The most expensive of which – excluding kitted-out touring rigs and modified monsters – exceed $245,000.

Trim the maximum mileage down to 5000km and there are still 291 listings priced above $100,000, 173 of which are dealer used vehicles.

More than 200 of these sub-5000km vehicles have less than 2000km showing on the clock, 181 of which have covered less than 1000km since the day they rolled off the production line.

Before Toyota pulled the pin on its V8 ‘Cruisers, the manufacturer’s list prices were in the low-to-mid $80,000 mark, not including on-road costs.

Toyota Australia was worried about price scalping on V8-powered 70 Series following the announcement of its axing and while it admits there’s nothing it can do about private sellers, it said it would be cracking down on dealers taking advantage of the insane demand.

According to Toyota Australia’s sales, marketing and franchise operations vice president Sean Hanley, a number of “very strong processes” were being put in place to ensure existing are prioritised.

“Obviously the value of these cars is going to go up incredibly overnight. We’re acutely aware of behaviours that could be brought on because of this and we are going to put in very strong processes to try to negate those behaviours,” he said last month.

“My advice to anyone waiting [is] do not pay over retail.”

It’s not uncommon to see a showroom-spec or mint-condition LC70 listed for sale north of $100,000 as existing owners and dealers alike try to turn a handy profit at the expense of those either patiently waiting in the multi-year queue for their order to be filled or those unwilling (or unable) to join it in the first place.

The same thing happened towards the end of the LandCruiser 200 Series’ lifecycle as consumers went mad trying to secure themselves the last of the twin-turbocharged V8, then again when the 300 Series was in short supply.

It occurred after the release of the 70 Series 70th Anniversary as well.

As it turns out, the 70th Anniversary is still one of the most valued and sought after LC70 variants seeing as the most expensive original condition listing is for a white special edition wagon with just 93km showing on the clock in the ACT, with the dealer asking $144,000.

Cast the net back out to a maximum mileage of 3000km and prices soar to up towards a quarter of a million dollars, with one Queensland seller unequivocally standing by their $250,000 asking price.

“Set price, not open to offers. This is the last of the V8's and worth every dollar,” reads the ad description.

The order book for the LandCruiser 70 Series closed exactly two years ago amidst overwhelming demand, which led to wait times approaching four years.

Toyota tried to quell the issue with the release of a gutsier, cleaner and more convenient four-cylinder automatic version late last year, however the lion’s share of demand has remained for the manual V8.

Production of the V8 will be gradually wound down over the next 15 months or so.

Join the conversation at our Facebook page
Or email us at editor@carsales.com.au