Just bought a 2004 LS 430 it has 160,000 on it. Timing belt was done in 2013 at 80,000 miles. Should I do the timing belt again?

 

Yes. While you are at it, the water pump, radiator, tensioner and hoses. You are due based on time and getting close to being due based on miles. Not an immediate need but I would get it done within a few months.

 

Congrats on the new car! If you can figure out the brand of belt, and if it's a good one like an OEM Toyota, Aisin or even a Napa belt, you're probably good for a little while. That said, it can't hurt to change it if you're in the position to do it now. I changed the timing belt on my friends car, an 01 with 220k miles, it was over 100k miles overdue. The only reason I know it had been changed at all is because it wasn't an OEM belt. It didn't have any cracks or missing teeth, but there was a lot of rubber dust on the inside of the cam gear covers.

As mentioned above, always do the water pump and tensioner along with the timing belt, they come together in a kit. But also at your mileage I'd also replace all the timing belt idler pulleys with with OEM or Aisin ones, including the one on the spider legs that isn't included in the kit. If any of those idler pulleys start ticking or wobbling, you have to do 95% of the labor of replacing the timing belt all over again just to replace one of those idler pulleys.