Well take a comparison from a Totota Corrola. Toyota Corrola 121 2002 YOM with 100k on the clock is approx US$ 22,000/-. Brand New Corrola 2009 model US$ 75,000/-.
And yes people still do pay these prices for LC's. The 79's were going for about US$ 65,000 about 03 years ago until when they classified it as a commercial heavy duty vehicle and took off the import duty on all single 02 door pickups with have payload over 1000kg. The 79 came down to US$ 37,000 and 24 vehicles were brought in. All 24 were taken within a couple of weeks. Mostly LC enthusiasts. Subsiquently the prices have gone up again.