Just my thoughts... Let the market speak to the OP's question.

Look at resale values of Toyota vehicles (e.g.4Runner, LandCruiser), even compared to their Lexus brethren. The 4Runners depreciate less than almost any other relatively new vehicle. The why is at the heart of the OP's question. Why do even Lexus GX models depreciate so much more than the Toyota options?

In 1999 I bought a 1986 FJ60 for roughly 50% of what the original owner bought it new for in 1986. Twenty years later, in 2019, I sold it for under 25% less than the original owner bought it new for and it had 200,000 miles on it. Yes, it was in great shape and properly maintained, but what other manufacturer can produce results like that? Granted this is a niche market.

(These valuations do not reflect the differences in the value of a dollar over that same time period, so YMMV greatly)

When I looked at options for replacing that 35yo FJ60, some late model used 4Runners were being sold for at or near what I could buy a brand new 4Runner for from a dealer, so I bought a new TRD ORP.