I bought my 1991 Land Cruiser in Oct of 2009 with just over 120K on the odometer (a rare find, indeed). Although not perfect, the pros definitely outweigh the cons, especially when you consider this is a 20 year-old used vehicle. Toyota quality is impeccable as expected; this truck will run forever if you treat it right and do all the correct maintenence. Things are going to break on a 20 year-old vehicle, and it isn't going to be cheap, but compared to anything else out there that's 20 years-old, the problems are minimal. If you want a go-anywhere vehicle that can seat 7 and last a lifetime, look no further than the Toyota Land Cruiser.
I purchased my Land Cruiser in pretty bad shape, but I had the engine gone through from every seal and hose, and everything in between. Although the initial investment to get it running right cost a lot, I could not be happier. In the time since then I have added a new paint job, all original, new tires, battery, and went through the interior to replace missing parts. One modification I would tell everyone to do, is switch it to partial 4WD, this allows for 2WD during the the summer, or non-bad weather/roads. I bought my kit for the front differential and hubs from Australia for about $500, and the labor brought everything to under $1000.00. This has saved me tons of money. It goes anywhere.
This vehicle will go 500,000 miles and then some. There is no timing belt because the timing is gear driven. (Never need to replace timing belt) They almost never blow a head gasket and the transmissions are Grade A world class hands down bullet proof solid. I bought mine in January 2015 with 314,000 on it for 1,200 bucks. I put 2 grand into it including a new radiator and new tires a new windshield and new u-joints. That pretty much got the vehicle in shape for its future with me. I feel very safe in this Land Cruiser and I live in a harsh northern climate with tons of snow and ice. I bet hardly anyone had ever died in this vehicle in a severe crash even without air bags. Don't buy it if you are picky only if you want a great, reliable tank that will never leave you stranded. Thankfully gas is a reasonable price as of right now (9/15) because it will do 10MPG at best and you will need new brake pads in the front at least once every 20,000 miles or so. Also, they seem to be rust resistant for the most part. Mine is 25 years old and it is not rusted out. People think it looks nice.
I have owned this since new - after the 1990 NY auto show it was a "must buy" even at $5,000 over the sticker. I bought it with the objective of getting long term reliability, low maintenance and a model shape that would be retained - all have been proven correct and have easily compensated for the high gas consumption (but it takes 87!). The one change I have made and would recommend (fenderbenders are expensive) is to replace the front bumper assembly with an ARB (not the cheap consmetic junk). Its been a great car, years of family skiing (where the Volvo couldn't go), team rides to soccer tournaments, beach fishing, loading up for college, carting rhodies, trees, lawnmowers etc.
This is the best overall vehicle I have ever owned. It has been virtually maintenance free in all areas except for routine stuff like tires, battery, brakes, etc. It is hard to hurt it either on or off road. It has never left me on the side of the road. Currently on only the third set of tires since new (230000 miles).