What’s The Real Cost Of Ownership For A New Toyota Land Cruiser?

Generally speaking, you know that you’re going to be spending less on a Toyota Land Cruiser over the years than you would be spending on a comparable vehicle from almost any other automaker in the world. But, from oil changes to insurance, every car comes with its own cost of operation, no matter how reliable it may be.

So, based on the data we have available to us, including typical payments, insurance rates, fuel economy, and whatever we can learn from previous model years, what’s the new Toyota Land Cruiser going to cost you to keep on the road year after year? That’s what we’re here to tally up.

What It Costs To Purchase Or Lease A New Toyota Land Cruiser

Kelley Blue Book puts a typical base 2024 Land Cruiser MSRP at $63,345. The SUV is a hybrid, but the battery pack is only 1.87 kWh, putting it well under the required size for the EV tax credits. If we assume a $6,500 down payment, 6% tax, and a 5% interest rate, the loan terms look something like this.

These terms would have you paying $12,872.88 a year after paying $22,100.84 that first year. This assumes you’re not cashing in on the Loyalty Discount, which would knock $1,500 off the total price tag.

If you want to lease a Land Cruiser, assuming the same tax and interest and a $30,000 residual value, your terms would look like this.

Leasing gives you an annual cost of $10,457.16, assuming you paid $19,585.73 that first year. We wouldn’t bother leasing this thing. Even with a generous upfront payment, you’re going to wind up taking very little money off of the purchase price if you want to buy it after the lease is up, and you’re only saving a couple of hundred bucks a month. Leasing makes sense for high-end cars that depreciate quickly and cost a lot of money to keep running. It makes no sense for a Toyota, a car that you can drive for forty years with nothing but basic maintenance.

What It Costs To Insure A New Toyota Land Cruiser

Giving a ballpark estimate for insurance costs is always tricky because the number will be very different for every driver. One driver might be spending $60 a month on the same insurance plan that would cost someone else $200.

With that in mind, the average cost to insure a midsize SUV in 2023 was $1,685 a year, according to AAA. Hybrids typically cost around 7% more to insure than a comparable non-hybrid vehicle. So that gives us an average of about $1,802 a year, or $150 a month to insure a 2024 Toyota Land Cruiser.

What It Costs To Maintain A New Toyota Land Cruiser

For the Land Cruiser, Toyota recommends basic service every 5,000 miles. It includes a basic inspection, tire rotation, and fluids. An intermediate service every 15,000 miles covers all that, plus air filters and re-torquing and lubrication for the propeller shaft. And every 30,000 miles you’re doing all that plus checking and possibly servicing the transmission, among other tasks.

For the first two years or 25,000 miles, maintenance is free. After that, RepairPal estimates an annual maintenance cost of around $843, while CarEdge estimates a ten-year maintenance cost of $6,782. This may actually seem a bit high for a Toyota, a brand that RepairPal estimates at $441 for annual maintenance costs. The Land Cruiser is as reliable as any Toyota SUV, but the hybrid components do increase the maintenance costs. That is, the car doesn’t suffer more breakdowns than a typical Toyota SUV, but when it does, parts can be pricier to replace and repair.

What It Costs To Refuel A New Toyota Land Cruiser

The EPA estimates a 421-mile range for the 2024 Toyota Land Cruiser, with an average fuel economy of 23 miles to the gallon, combined (22/25, city/highway). This comes out to an annual fuel expense of $4,000, assuming a 12,000-mile average at current gas prices of $3.58 a gallon. The Land Cruiser is not a plug-in hybrid, so you don’t need to factor charging costs into the equation.

Will A Toyota Land Cruiser Retain Its Value?

CarEdge data points to a 2024 Toyota Land Cruiser retaining an impressive 85% of its value after three years, 78% after five years, and around 50% after a decade. Assuming a $63,345 MSRP and 12,000 miles a year, this leaves you with a 10-year resale value of $31,109, which ain’t bad for a decade-old SUV with 120,000 miles on the odometer.

What’s The Total Cost Of Owning A 2024 Toyota Land Cruiser?

Assuming that you’re buying, not leasing, and paying the average costs in every single area of ownership, your annual Land Cruiser costs will look something like this.

This is just until you have it paid off. After your loan is settled, you’ll have paid a total purchase cost of $74,664.82 plus 60 months of refueling and insurance, and three years of maintenance for a total of $106,173, leaving you with an annual ownership cost of $6,645 from there on out.

Remember that these costs are just averages. Your own mileage is likely to vary considerably. If you drive twice as many miles as the typical SUV owner, have a spotless driving record, and are claiming that $1,500 Toyota loyalty bonus, your numbers will look very different from the next owner’s.

Whether or not the cost is worth it, well, that’s for every individual buyer to determine for themselves. But, Toyotas lead the industry in longevity. Buying a new car is a very expensive proposition, but with Toyota, you can at least rest assured that you won’t have to buy another one anytime soon.