Since its debut in the 1984 model year, the Toyota 4Runner has been known for truck-like brawn and SUV versatility. Add in a reputation for reliability, and you’ve got a vehicle drivers can trust in any situation. Now in its fifth generation, the sport utility vehicle continues as a popular choice for adventure-focused customers.

Because of that, the 4Runner commands a high price, whether new or used. Even though the fifth-gen version has been in production since the 2010 model year, its positive attributes keep buyers returning. But is it worth the cost?

Let’s take a closer look at the Toyota 4Runner—both new and used—and why it’s still so expensive.

What makes the Toyota 4Runner a standout SUV

Off-road capability is essential for SUV drivers who like to travel off the beaten path. And body-on-frame construction is central to that. Not only that, but a reliable powertrain brings peace of mind out on the trail. The Toyota 4Runner has those attributes and more.

Today, many SUVs have turned to unibody construction. While that can improve around-town handling, it comes at the expense of off-road ability. That’s why the body-on-frame 4Runner continues as a top pick for outdoor enthusiasts who want to travel far and wide.

And with Toyota’s longstanding reputation for hardy vehicles that last, buyers can know their 4Runner will offer dependable performance, mile after mile. That’s especially important on long trips far from home, or in challenging conditions.

Besides that, the Toyota 4Runner’s always been a good-looking SUV, with sharp styling and a strong stance. It looks ready for anything, and it has a function-first design.

For all of those reasons and more, buyers continue to pay a premium for the 4Runner, both new and used.

How much does a Toyota 4Runner cost?

The 2023 Toyota 4Runner starts at $40,155 (plus destination). While it hasn’t been redesigned since the 2010 model year, it’s still a capable package. And even when used, the venerable SUV retains its value like little else.

The 2023 4Runner is available in the following trims:

• SR5: $40,155

• TRD Sport: $43,015

• SR5 Premium: $43,215

• TRD Off-Road: $44,000

• TRD Off-Road Premium: $46,580

• 40th Anniversary Special Edition: $47,720

• Limited: $49,390

• TRD Pro: $54,620

For a design more than 10 years old, those are premium prices. But because of the 4Runner’s positive attributes and stellar reputation, it continues to sell strong.

Other factors also influence the 4Runner’s pricing. As Autoily notes, not only is the Toyota SUV highly popular, but there’s a limited supply.

Is the Toyota 4Runner worth the price?

With the next-generation Toyota 4Runner on the horizon, it might not make sense to buy a 5th-gen version or even a used model. Here’s why.

The 6th-gen 4Runner should debut in 2024 or 2025. With that comes an array of upgrades, like a new TNGA-F chassis, an available hybrid powertrain, and improved handling.

Add to that supply and demand issues created by the chip shortage, and 2023 4Runner’s cost a bundle even though they’re due for an update. While those with nostalgia for the current model may be willing to write a check, drivers who want the latest and greatest are better off waiting.

And even those looking to buy used may benefit from buying the 6th-gen version. With the 4Runner having such strong resale value, there isn’t that much upside to buying pre-owned. Even a 2018 model still gets between $29,412 to $40,299, according to J.D. Power. Why not spend a little more and get Toyota’s newest tech?

The Toyota 4Runner is a capable SUV with a stellar reputation. Because of that it continues to be a strong seller new and used. While the current generation has been around a while, its hardy performance and trusted reliability make it a popular pick.

On the other hand, with the next-gen 4Runner set for release in 2024 or 2025, waiting for the newest version may be the best bet. Even with a price increase, the 6th-gen 4Runner’s performance and design should be worth the wait.