Older Land Rover Defenders are expensive for similar reasons as the newer models:

Rarity:
As the production of the original Defender ceased in 2016, the older models have become even rarer. This rarity makes them more valuable on the market.

Collectability:
Many people who are interested in purchasing an older Defender are collectors who appreciate the vehicle’s unique style and rugged character. These buyers are willing to pay a premium for a well-maintained Defender with original parts and accessories.

Maintenance and Restoration:
The maintenance and restoration costs for older Defenders can be high. These vehicles were designed to be used in harsh conditions, which can cause wear and tear on the parts. Finding replacement parts for an older Defender can also be difficult and expensive.

Classic Car Market:
The classic car market has been booming in recent years, and the Land Rover Defender is considered a classic. This trend has driven up the price of all classic cars, including Defenders.

Summary

The rarity of older Defenders, their collectability, high maintenance and restoration costs, and the overall trend in the classic car market all contribute to the high price tag on these vehicles.