Why The Third Gen Toyota 4Runner Continues To Go Up In Value

Some people blame it on its Toyota legacy, others attribute it to the current market conditions. The truth is, third generation Toyota 4Runners have seen a breakout in values. The recent price jump was only a matter of time, since FJ Cruiser and Land Cruisers have already skyrocketed in prices. The newest third gen 4runner is now over 20 years old and yet you still see them allover the road. But they're not going up in value because of rarity, they're going up because of durability.

The third generation 4runner was once a truck you could buy rust free for under $5,000 just a few years ago. Now 2 Wheel-Drive versions with over 200,000 miles are getting more than that. With the 4Runners light body-on-frame construction and dependable powertrain, it's no surprise these vehicles are beginning to catch everyone's attention.

The Iconic Toyota 4runner V6

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The 3.4 liter V6 engine known as the 5VZ-FE is one of those most reliable engines of all time. While a 4 cylinder option was available, the V6 was considered the most desirable powertrain for the 4runner. Another vehicle that has seen a jump in price is the first generation Toyota Tacoma. The most desirable of the Tacomas is the one equipped with, you guessed it, the 3.4 Liter V6 engine shared with the 4runner. The engine was rated at 183 horsepower and 217 LB ft of torque, which was at the top of its class at the time it was first introduced in 1996.

Adding to the appeal of the 5VZ-FE is that it's driven by a belt and yet, not an interference engine. This means if the timing belt were to break, the engine will shut off, not causing any more damage to the internals. The non-interference 3.4 liter is unique compared to other belt driven Japanese interference engines found in the 4runner's competitors. Besides the occasional strawberry milkshake that occurs when the transmission fluid mixes with the coolant in the radiator, the 5VZ-FE is nearly flawless.

Related: 1997-2002 Toyota 4runner: Costs, Facts and Figures

Body-On-Frame Construction

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While many SUV's that were introduced in the nineties have now transitioned to unibody, the 4runner has kept its truck like frame. The second gen 4runner was the first time the truck looked more like a Sport Utility Vehicle, since its predecessor was essentially a pickup truck with a shell. Although, it was the third gen that provided the comfort and daily useability that you still see in today's generation 4runner.

Toyota continues to make the 4runner body-on-frame because they understand that it adds to the vehicle's durability. Most modern day SUVs prefer a unibody frame because it improves ride quality. Most Japanese manufacturers like Nissan, Mitsubishi and Honda ditched the body-on-frame construction on their SUV's. A frame that is only reserved for pickup trucks today, is still being used in Toyota's mid-size SUV. The 4runner sacfirices comfort with its body roll for a more durable chassis.

The Toyota 4Runner's Capability and Dependability

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The Toyota 4runner came equipped with both 2WD and 4WD options. While you may still see a ton of 2 wheel-drive versions on the roads of California, no true enthusiast wants a "2runner". A two speed transfer case was always available with both low and high gears on all 4x4 models. A multi-mode transfer case was introduced in 2001 with an AWD button that allowed you to switch to all-wheel-drive on the fly.

Another reason why people can't get enough of third gen 4Runners is because of how capable they can be off pavement. Its lightweight frame combined with its dependable powertrain and the 4runner is a common choice among off-road enthusiasts. The most desirable 4Runners were those made between 1996 - 2000 when a rear electronic differential locker was available. After 2001, a center differential locker would only be available along with Vehicle Stability and Traction Control (VSC/TRAC). Whether you preferred leather and matching colored bumpers on a Limited, a hood scoop on the Sport or chrome bumpers on a SR5; there was a trim level for every buyer.

Off-road enthusiasts prefer a 4runner because of the confidence it brings with it on any terrain. When you are out in the middle of nowhere you want to feel confident that your vehicle is going to start up everytime. You also want to feel good about it running smoothly even after you just beat it up on the trails. The 4runner continues to provide this level of trust and lives up to its dependable reputation over twenty years later.

Related: Everything You Should Know Before Buying A 2002 Toyota 4runner

Breaking Out In Value

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Values of all SUVs have gone up recently due to simple supply and demand economics. The lack of dealer inventory because of chip shortages combined with the increase in SUV sales has largely benefitted the 4runner. Even though its been around for over two decades, the 4Runners are still in demand in the used car market. Not only for enthusiasts, but also for families looking for an affordable and reliable SUV.

Recent data on Bring A Trailer has shown a breakout in sales for third generation 4Runners. Bring A Trailer, a website that allows anyone even without a dealer license to bid on auctions, has largely contributed to this recent upswing. Bidders are putting a premium on third gens that are rust free and in clean condition. Most third gen 4Runners fell victim to rust because they were commonly purchased in areas that require 4WD. However, many of the ones driven in warm climates have stood the test of time.

Values for third gen 4Runners have steadily increased, selling for around $16,000 for examples with over 130K miles. Low mileage 4Runners are seeing as high as $40,000. These numbers are astronomical, considering you could've purchased a relatively clean example for less than $5,000 just a few years ago. You can blame it on current market conditions or the simple fact that the 4runner is just an overall solid SUV. Regardless of what the culprit may be, the third gen 4runner is already considered to be a collectible.