I think you're undervaluing the mods, so I'm definitely not in the 'overpaid camp'... other than I wish I could drop that kind of coin on a nicely built LC.Well I officially joined the 200 crew. 2021 Grey/Terra with 32k miles, Ed Martin built with ARB onboard air, rear air bags, CarPlay, LRA 12.5 gal tank, BudBuilt skids, 1" spacers in the front, and other misc stuff like PPF and chrome delete. I paid $92.5k. My rationale (confirmed by a few here) was that it's a high 80's truck sans mods and paying for 25% of the mods seemed fair since they were done by a reputable shop (that and I was going to do a few of them right off the bat anyway).
I'm sure some will say I overpaid, but the fact of the matter is that this is a long term purchase and I don't care so much about a couple thousand bucks in the grand scheme of this purchase. It was exactly the kind of mild "build" I was looking for and I couldn't be happier!
If they had been useable mods installed by the PO personally or an unknown quality shop, and not particularly what you wanted, I think 20-25% is fair valuation. Specific mods that you want that were also installed by a reputable shop could easily be valued at twice that in my opinion. Congrats on the purchase!