Valuer and former director of Auctioneers and Valuers Association of Australia Simon Cotter told the ABC that said some new vehicles had waiting lists months long.

“It’s a supply issue, it takes about nine months to get a dual cab 79 series GXL,” he said. “They’re $86,000 recommended retail and you will see them in the Toyota dealerships second-hand for up to $105,000, and people are paying that money … and they’re paying that money because they don’t want to wait.”

Mr Cotter said LandCruisers had experienced the biggest jump in value because of their reputation for reliability in an uncertain time.

“They have this reputation of reliability and consistency, so you’re buying a dealer network and you’re buying that folklore, that legend if you like,” he said. “The factory turbo diesels just fetch drug [big] money, because that motor is a particularly good motor and you will see a million kilometres out of those engines if their oil is changed regularly.”

Mr Cotter said there was a huge demand for the vehicles from the farming and mining communities, but also from wannabe Outback tourists.

“One other thing driving prices is the recreational market,” he told the ABC. “There are lots of people sitting around, twiddling their thumbs because of Covid, and they’re building their escape vehicle.”

Mr Cotter said it wasn’t just second-hand LandCruisers experiencing a rise in value.

“”It is something that’s occurring across the spectrum, but not as strongly as with the LandCruisers,” he said. “If other products have increased by 10%, we’re talking 20% or more with the LandCruisers.”

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