These two dominate the large four-wheel drive wagon conversation in Australia, and the honest answer depends entirely on what you will actually do with the vehicle.
On road
The Everest is the more car-like on sealed roads, with tighter steering, better body control and a quieter cabin at highway speed.
The Prado prioritises long-distance comfort and durability over sharpness, which suits touring more than the daily commute.
Off road and touring
Both are genuinely capable. The Prado's advantage is the depth of the aftermarket, parts availability in remote areas and a reputation for surviving neglect.
The Everest counters with strong standard capability and, in higher grades, sophisticated terrain management that flatters less experienced drivers.
Towing and payload
Both are rated at 3,500kg braked, but rated is not the same as comfortable. Check GCM, not just towing capacity, before assuming a heavy van is workable.
The Everest generally feels more composed towing at highway speed. The Prado is the steadier choice on corrugated and unsealed surfaces.
Ownership and verdict
Prado resale remains the strongest in the segment, which narrows the whole-of-life gap even where the Everest is cheaper to buy.
Buy the Everest if the vehicle mostly commutes and tows on sealed roads. Buy the Prado if remote touring, long ownership and resale matter most.