Did you know that domestic sports cars from the 1990s are now being exported outside of Japan for more than the new car price? The Nissan R34 Skyline GT-R introduced this time was exactly the result of this, and was sold at an auction held in July 2021 for about 60 million yen. Let’s explain why the R34 GT-R, famous as the final model of the second generation GT-R, has risen in price so much, taking into account the used market.
The Skyline GT-R (R34 type) was released in January 1999 as the last model of the second generation. It is called the completed form of the second generation GT-R, and the new car price at the time was about 4.99 million yen to about 6.3 million yen, the highest price range of the second generation.
The culmination of the second generation GT-R
The Nissan BNR34 Skyline GT-R was released in January 1999 under the catchphrase “Giving people wings”. The R34 GT-R, which debuted as the last second-generation GT-R including the R32 and R33, has improved the performance of each part, starting with a review of the body size that was unpopular in the previous model.
The body is 4,600mm long, 1,785mm wide, and 1,360mm high, and compared to the previous R33, the body has been refined by reducing the length by 75mm and the wheelbase by 55mm. The driving performance has been further improved by improving the body rigidity and adjusting the front/rear weight balance to 55:45, which has impressed many fans.
Specifications that push the GT-R to the limit
The R34 GT-R’s engine is the 2.6-liter inline 6-cylinder RB26DETT type with twin turbos that has been used since the R32. Although the maximum output remains at the self-imposed limit of 280ps, improvements to the turbo have increased the maximum torque to 40.0kgm and improved the startup performance from low speed rotation range.
The transmission is the first GT-R 6-speed manual, developed in collaboration with Getrag, and the suspension is made of forged aluminum, which is durable and lightweight. The R34 Skyline GT-R is not only the strongest of the second-generation GT-Rs, but it has also been a big hit in the world of motorsports and tuning.
The price of the R34 GT-R continues to rise
The R34 Skyline GT-R, a “V Spec II Nur” with 10km on the clock, was put up for auction in a collaboration between BH Auction and Yahoo! Auctions, and was ultimately sold for the astonishing price of about 60 million yen. Considering the mileage that is almost like a new car and the fact that it is a limited production model, it may be said that it is an abnormal situation to sell for nearly 10 times the price of a new car.
The car at this auction is a somewhat special example, but even in the current domestic used car market, starting prices of 10 million yen are common, and the value of the R34 Skyline GT-R continues to rise.
What is the 25-year rule that causes the price to rise?
So why is the R34 Skyline GT-R so expensive? It has a lot to do with the “25-year rule” established in the United States. In the United States, right-hand drive cars are not usually allowed to be imported, but cars that are 25 years old are considered “classic cars” and are allowed to be imported and driven on public roads.
In addition, the popularity of GT-R in the United States is tremendous due to the influence of the movie “The Fast and the Furious”. The previous R32 and R33 are also traded at high prices, and the R34 is naturally included in that framework.
The initial model of the R34 Skyline GT-R was manufactured in 1999, so the 25-year rule will not apply until 2024, but preparations for export and import in anticipation of that have already begun, and fierce competition has arisen among buyers. As a result, the inventory of the already scarce R34 Skyline GT-R is decreasing, and it is likely that the value will continue to increase in the future.
Is this the last time to get one? Used car market price and purchase price of R34 Skyline GT-R
To see how much the price of the R34 GT-R has risen, when we looked up the used car market price on a major used car website at the time of writing in July 2021, the lowest priced 1999 model was priced at 11.8 million yen.
The most expensive one is a 2002 V-Spec II Nur grade, which is being sold for 35.8 million yen. In addition, as the used car sales market price rises, the purchase price also tends to rise. The purchase price at Kyusha-oh is 5 to 10 million yen for the base grade, and 15 to 30 million yen for the V-Spec II Nur and M-Spec Nur.
It is natural that the price for both purchase and purchase is higher than the new car price, and when it comes to limited production models such as the V-Spec II Nur, it is no longer possible to afford it at the individual level.
The price of the R34 Skyline GT-R is expected to rise further as the 25-year rule comes into effect in 2024. Those considering buying one should make a decision soon, and those considering selling one should wait and see carefully.
