Start pricing NAS 110s if you want to step into Crazy Land.
The 25 year rule is static and time marches on. IMO the market for for NAS D90s/D110s will disintegrate once Julian, et al., can start shipping over the ROW Defenders we want.
We're rapidly closing in on that threshold. 2012 is no time to be investing $100,000 in an NAS.
Actually, NAS 110's in typical condition tend to run in the $40k-$60k range. $100k is going to be for something like an ECR full restoration with improvements version, of which there are not many of. Also, New Englanders seem to pay a premium to have their Defenders parked in the driveway of their beach house in Nantucket, which keeps the price up.
I am all for more Defenders coming in, and keep in mind I have an NAS 110. I love looking at them and would like to see more on the trails and highways doing what they were built to do. Also, the more they come in, the more suppliers will be compelled to offer TDI and Defender specific parts.
I will say that on D-90.com, this topic has been debated quite a bit and most believe that the prices for NAS's won't come down with more 25 year Defenders coming in. Something about that US VIN that gives a sense of comfort to EPA, DOT and insurance companies (warranted or not). I bought my 110 before the 25 year rule kicked in, but if I were to buy today, I would probably commit around $25k and go with a Euro 110 county with a 300tdi and r380 in it. What a great base expo vehicle that would be!