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I guess it would be like buying a retired taxi. Throughout it's life it would've had a lot of kit replaced, although the odometer kept clocking the k's. The attraction with some old taxi's is the fact they have LPG. Personally, I don't see any attraction in buying and owning a LR (or any vehicle) with 400,000 K's, even if it was for $1 - 2K. Wrecking it would be a different matter for this price.
I agree.
The problem is that you can be nickle and dimed to death by starter motors, alternators,door locks, window winders, heater units, aircon compressors etc etc etc. Not to mention diffs , wheel bearings,transfers .
I remember Graeme Cooper's son Phillip bought one with 200KK plus on it and then he had constant problems with such things and it was a drain even though his father helped with prices.
Regards Philip A
I got my D1 at 140,000k. It is now 260,000k. V8 auto on LPG. Only things replaced, save for brake pads, serpentine belt etc - ie usual things irrespective of age, is a radiator re-core, new alternator, new window regulator on one door, new brake vac and master cylinder, new overflow bottle. That isnt a lot of dough over 6 years. Compare the average monthly bill for that D1 compared to a new 4WD's repayments for lease/loan - not to mention devaluation of the new vehicle. Remember also that you are comparing the D1 to a new Rover at say $70k min new not compared to a new hyundai excel's loan repayments...you will see that having an older car and looking after it does not necessarily mean being nickled and dimed to death; a lot depends on how well it is serviced from new too.
PS. I wouldnt buy one at 400k unless it was $1k - $2k (assuming all original gear) and I was happy to spend $10-12k on new auto (assuming it is auto) and motor re-build (with some nice fine tuning and stroking...) and was prepared to also drop in lockers (because it will need new diff centres soon anyway), axles, brake cylinders, etc and turn it into a very flash machine that will do just about anything.