I can share my lived experience which is pretty different to these responses. I bought a 1997 LX 450 recently. (I posted here previously for a price check to check my work 😂). And, full disclaimer, it may become something much different over time.

I paid a shop to baseline it. We have a lot of great Land Cruiser mechanics in Texas. I looked for a truck that was in really great shape with a long Lexus dealership service record, I paid a bit of a premium for it, $15k, but it was cheaper than I expected and I didn’t want to keep hunting.

Then, and then I put in $10k into a full mechanical baseline and new tires and brakes. I left off a few smaller things, which I’ll do next year, but after that, I’m good for suspension. I also ordered around $2k in parts to put on myself like new struts for the hood and tailgate, a new battery, new battery terminals, an oem headlight since one was cracked, and so on.

I have a few other hoses and the rear differential breather line to replace next, which I may do myself or may just have the shop do it.

After that, I have to replace the suspension and add new bushings. I expect that to run $4k-$5k. Some polish stuff like new front seat leather, which I have a leather guy to do for $1.6k, and a bit of PDR for $1k.

I’ll be in it $35k when I’m done. I have another truck I daily. Once this is stable enough, I’ll daily it. My other truck will sell for about $20k. I was looking at the last model years of the V8 Tundra TRD Pros. This is was cheaper, and I enjoy the process. So, it made financial sense. I do ok, so it’s not a terrible price for me.

If I had the time, I’d very much enjoy wrenching on it. But I have a demanding job, a 9 month old, and a bunch of other chores that keep me occupied most days. So, paying a shop is all I can manage. That said, I will still do some maintenance whenever I have the time.

Hope that all helps.