Collectible autos: the Toyota Land Cruiser FJ40

"It's like a Jeep, only Japanese."

The Toyota Land Cruiser has been sold around the world in various forms since 1954. It was originally introduced as a small, two-door military vehicle and has grown over the years in overall size to the point where it's now the largest SUV that Toyota sells. The civilian version of the vehicle has gone through at least seven distinct body styles and countless variations of each. Of these, the most notable is the FJ40, produced from 1961–1983. The FJ40 was fitted with an inline-6 engine of either 4.0L or 4.2L (depending on the year) making around 100hp but a boatload of torque. To my understanding, all were four-wheel-drive with solid axles at both ends. In the US, the FJ40 was sold with two doors as either soft- or hard-top.

Interest in the FJ40 has recently been reïgnited with Toyota's release of the FJ Cruiser, a remarkably Honda-Element-class vehicle styled much like the older Land Cruiser. The soul of the FJ Cruiser certainly doesn't line up 1:1 with the Land Cruiser introduced in 1961, but Toyota has put a good deal of effort to remind us of the FJ40.

Collectability: Great, but you should buy one right this moment.

Here's why:

(+) The Land Cruiser has a reputation for sturdiness. Long before the Toyota (notice a pattern here?) Hi-Lux (also imaginatively called the Toyota Pickup in the US) came along, the Land Cruiser was busy forging a name for itself as an extremely durable utility vehicle. Only in the US is there really another more recognizable utility vehicle of that vintage (the Jeep) but all over the world, the Land Cruiser has been long known for as the definitive small utility vehicle in terms of performance, durability, and reputation.

(+) It's actually durable. Rust notwithstanding, the FJ40 is a remarkably well-engineered vehicle and will actually stand up to a good deal of abuse. There's a reason it has that reputation, after all. This means that if you buy one in good condition, it's likely that you can do some serious work (or play) in it and not worry much about its resale value. Whereas most cars from the 1960s would probably lose some trim pieces after a swift drive over a speedbump, the FJ40 ... doesn't have any trim pieces to lose.

(+) It's got old-school SUV roots. The FJ40 was introduced at a time when four-wheel-drive consumer pickup trucks were just first hitting the market and when vehicles like the Jeep (and slightly later, the International Scout) had any real claim to the serious off-road hauling. In 1961, if you wanted a rough-and-tumble offroader for getting you into and out of places that trucks couldn't go, you bought a Land Cruiser, Scout, or a Jeep. At a time when the term SUV implies more "soccer mom" than "off road," it's important that the Land Cruiser has these roots.

(+) There is a very active FJ40 repair industry. Thankfully, almost all shops that do work on FJ40s specialize in restoring vehicles to factory condition—not in gutting them and turning them into some aftermarket-laden moneymobiles. Compared with, for example, people that specialize in small Hondas, this is a big bonus.

(+) The FJ Cruiser has sparked interest. If you're lucky enough to already own a Land Cruiser, then you're set. If you're lucky enough to have the cash (and desire) to buy a Land Cruiser in the next 3 months, then you're also set. Anything longer than this means that you'll be out of luck.

The effect of automotive reïssues is subtle but real. I've seen price bumps in older Thunderbirds when the new version was released a few years back, and I also saw prices for Supras climb a good 10%–20% when The Fast And The Furious: The Dumbest Movie Of All Time came out. Mind you, there are really very few examples of either vehicle that gained more than a small hike in price after public interest was sparked, but the effect was real and was largely industry-wide. It's likely that when the FJ Cruiser really does hit showrooms (and more importantly, when FJ Cruiser ads hit TV) that you'll see FJ40 prices climb around 10% overall. That's not bad, and the increase in value can pay for a few years of repair alone.

(-) The FJ Cruiser has sparked interest. I like the automotive industry's best-kept-secrets. The FJ40 was one of them, and it's not likely to be anymore. This won't really affect price all that much, but it makes the car just a bit less interesting.

Expect to pay: $5,000 for a sturdy Land Cruiser, or $8,000 for a great one.

What to look for:

• Rust, rust, rust. Always look out for rust. Any rust on the main body structure is a good sign to let go of the car.
  
• Any damage to the body, as this is the single most difficult thing to repair. Like other utility vehicles of the era, the body is single-sheet steel in most places, which means that it's impossible to repair. Really pay attention to the rear fenders.
  
• Softtops don't command quite as much as hardtops, in my experience. I like the hardtops more.
  
• Repaints aren't anything to be worried about. Most Land Cruisers have been worked hard, and having the body repainted isn't the Touch of Death that it can be for many other collectible cars.
  
• Lift kits and other offroad mods don't cannibalize the market value on these cars. More power to you if you buy a hopped-up copy.
  
• Beware engine swaps. The old 4L Toyota engines are durable, torquey, and make enough power to be drivable. Most importantly, they're designed for the chassis. A lot of people have swapped in small-block American V8 engines (most popular is the ubiquitous Chevy 350) and it's important to remember that 90% of the time the swaps are amateur jobs and won't be as servicable, or as resellable, as the original engine.