In general, Toyota models tend to hold their value better than many other mainstream makes. However, the 4Runner, in particular, manages to stave off depreciation better than even other Toyotas. Does that mean it should actually double in value after thirty years of sitting in a garage? Well, in the case of one 1996 4Runner SR5, a buyer decided it should, since the old SUV sold for $52,800.
Mecum Auctions recently hosted the sale of this 1996 SR5 with just 6,954 miles on the odometer. It was in remarkably good condition, not far from what you’d find on a showroom floor back in the day. Aside from being a low-mileage survivor car with little wear, it had a handful of desirable factory options.
The 3rd-generation Toyota 4Runner is between 24 and 30 years old at the time of writing, with this iteration being available from the 1996 through the 2002 model years. It remains a first choice among many off-road and overlanding enthusiasts, as well as those who want a somewhat affordable, reliable daily driver.
Most average examples are fairly cheap by new-car standards, but there are more than a few outliers that sold for the same cost as a new model within the last year. Here’s why we think some N180 (as the generation is known internally) 4Runners are worth so much today.
Used car values fluctuate depending on a variety of factors, including location, mileage, mechanical and cosmetic conditions, the status of its title (whether it’s clean or branded), the number of owners on record, and more. The prices explained here today may not exactly reflect what you can expect to pay for a 3rd-gen 4Runner, or what yours is worth on the market.
Buyers are Paying New-Car Money for 3rd-Gens
The 1996 model that sold for over $50,000 was an anomaly, or was it? Online sales results show several examples with selling prices over $40,000. Given that a brand-new 2026 model starts at $42,070 and the N180 generation had base MSRPs between $28,000 and $36,000, finding ~30-year-old models for over $40,000 shouldn’t be common.
However, putting the high-selling 1996 example aside, there have also been sales that recently reached the cost of a new model. In April 2026, a 2000 4Runner Limited with just 20,000 miles based in Newport Beach, California, sold for $46,555. A 1997 SR5 with 34,000 miles in New Jersey sold for $42,500 in March, and a 1998 SR5 with 51k miles in Connecticut sold for $40,000 in September last year. Needless to say, those in great condition with low mileage are worth a fair bit of money these days.
The Average Value of a 3rd-gen 4Runner is More Reasonable
While there are more examples of N180s being sold over the last year for between $30,000 and $40,000, the average price of a 3rd-gen is about $16,460. The figure accounts for 140 sales between May 26th, 2025, and today, with the lowest sale being $4,100 for a ’96 SR5 that needed engine and transmission work, and the highest sale being the pristine low-mileage model we talked about earlier.
What the Average 3rd-Gen Sale Looks Like
Sale prices can depend heavily on where the vehicle is located, so averages might not reflect what you’d pay in the Rust Belt or other extreme climates. That said, some of the best-conditioned units are found in better climates, such as in California. For example, a 1999 Limited trim with only 165k miles in Irvine, California, sold for $16,500 in April 2026.
Most high or even average-value sales come from unmodified models with four-wheel drive. The lowest-priced sales are usually high-mileage, rear-wheel drive examples that may have some less-than-tasteful modifications. Many buyers mistakenly think that mods add value to a car; that may be slightly true in the off-road community with the right mods installed correctly, but as a general rule of thumb, unmodified, clean cars sell for more.
4Runners Hold Value Incredibly Well
According to CarEdge, Toyota models in general lose about 35.1% of their value after five years on the road. For reference, the worst popular (non-luxury) brand for resale value is Dodge, which loses about 61.8% of its value after the same timeframe.
That helps put into perspective just how great the 4Runner is, since CarEdge finds that the model only loses about 25% of its value after five years. Of course, some factors go into making a model more or less desirable — the TRD Pro trim with 4WD from five years ago (in the chart below) holds onto more of its original value than a base model.
The 3rd-generation 4Runner is a testament to how well it holds its value. Let’s say the average new MSRP of a 3rd-gen was about $33,— — the average value of $16,460 today means it only lost about 57% of its value after about 30 years.
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This article originally appeared on CarBuzz and is republished here with permission.
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