Surprising amount 2021 Toyota Land Cruiser has depreciated in 5 years

The 2021 Toyota Land Cruiser has had five years to do what most big SUVs do best: lose money.

It’s old enough now that you’d expect a serious drop, even with the ‘last V8 Land Cruiser’ hype.

And if you go by the data models, it has taken a decent hit.

But then you look at the real asking prices and realize this story is less ‘price collapse’ and more ‘nice try, depreciation.’

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The 5-year depreciation number sounds huge, until you see the listings

CarEdge estimates a 2021 Land Cruiser loses 35.4 percent of its value over five years. 

Since the MSRP was $87,030, that math lands at about $56,200 today.

That’s a big slide on paper, and it’s also funny timing, because a new 2025 Land Cruiser starts at roughly $56,700. 

In other words, the forecast value of the old V8 is basically the sticker price of the newer, rebooted one.

However, when you jump onto retail sites like Autotrader and CarGurus, the Land Cruiser doesn’t behave like a model that’s dropped a third. 

Clean examples with normal mileage are still sitting around $74,000-$80,000, while higher-mileage trucks typically fall into the mid-$60,000s.

So the surprise isn’t just the depreciation estimate. 

The surprise is the gap between the estimate and what people are actually paying. 

A big reason is scarcity: Toyota only sold 3,711 Land Cruisers in 2021, which means there simply aren’t many to choose from.

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Compared to Tahoe and Armada owners, Land Cruiser fans have it easy

This gets clearer when you look at rivals. 

A 2021 Chevrolet Tahoe is estimated to lose about 52 percent in five years, and 58.3 percent after seven. 

Meanwhile, the 2021 Nissan Armada gets walloped: 66.2 percent over five years, rising to 71.6 percent after seven, and 77.5 percent after 10.

So yes, the Land Cruiser is supposed to depreciate. 

Everything does. 

But compared to other big V8 SUVs, it’s doing far better than most expected.

And if the listings are any clue, the 2021 Land Cruiser might keep ignoring the depreciation script for a while yet.

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