Originally Posted by
DetroitStyle
1. Check the frame, as mentioned, but if you're buying out west or down south, it should be good. They were known to rot out, there was a recall where Toyota would replace the frame and typically a lot of things directly connected that may have rusted (brake lines, etc).
2. You want the 3.4 liter V-6. They have a timing belt. Recommended service interval is 90k, but almost everybody agrees that 150k is perfectly fine and many people push past 200k. I'd want one that has been changed at 150k though. It's a non-interference engine, so if it breaks, it's not a huge deal.
3. As mentioned, they are occasionally found with a manual trans which is cool. A few also came with an optional electric rear locker and that's a pretty nice feature.
4. Other than that, there isn't much to worry about. Look for rust at the bottom of the door seams and under the fender flares.
5. There's a ton of aftermarket mods available... solid axle swaps are popular out west, or you can go with a long travel front suspension but that will run you about $4000 (requires fiberglass front fenders, etc).
If I wasn't always hauling motorcycles, I'd be in a 3rd gen 4Runner right now. I just sold my double cab Tacoma (2WD) and I'm going to look at another one (4WD w/rear locker) tomorrow.