Skyrocketing prices of '90s Japanese cars - Why, and what's it got to do with rising Proton Wira prices
Arvind · Oct 23, 2022 06:00 PM
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New and old, JDM vehicle prices have skyrocketed, but why are enthusiasts still willing to pay these exorbitant prices? Image credit
In recent years, prices of used Japanese cars have soared to such highs, such that they’re no longer considered just cars, they’re rolling investments secure enough to make Bitcoin investors weep and Ferrari owners weak at the knees.
We’re not just talking about the iconic Toyota Supra, Nissan GTR or Honda NSX, practically every model that represents a modicum of JDM (Japan Domestic Market) rarity or performance has ridden the bandwagon of adding zeros to the back of their selling price.
But, why has this happened, and has it got something to do with humble models such as the Proton Satria going up in price too? Let’s break it down.
A new demographic of car nuts now have money
There’s a multitude of reasons why the '90s and 2000s JDM cars have shot up, but to understand why – you first have to follow the money.
The millennials are all grown up. Growing up in the age of the satellite TV, PlayStation and early internet, this generation now has the means to live the dream and drive the cars they glorified in movies, gaming consoles, websites and magazines.
Games like NFS Underground allowed you to customise your favourite JDM cars. Image credit
Unlike the ‘YOLO’ Gen Zs that prioritise lifestyle and digitally captured moments, millennials are obsessed with nostalgia and will pay good money to relive their childhood. This doesn’t only apply to JDM cars, even toys (i.e.: Hot Wheels, Gundam), it’s also the reason a certain Nokia 3310 handphone was reimagined.
A nostalgic buyer base
Many millennials will remember packed bookstands with automotive magazines from all over the world. Image credit
Many car enthusiasts grew up reading magazines like Import Tuner, watching bootleg versions of (Japan’s) Best Motoring, and telecasts of the Japan Grand Touring Car Championship (JGTC) and Malaysian Rally Championship (MRC).
Besides the entertainment factor, watching and reading about JDM cars inspired a deep-rooted sense of aspiration and passion for their 'street cred' and how these cars perform. Today, enthusiasts who grew up in the '90s want a piece of that history.
The pop culture factor
Cars like the GTR, Supra and RX-7 gained their Godlike status by starring in the Fast and Furious franchise
Well, we all know this one. Perhaps the biggest motivator of JDM’s popularity is the roles these cars played in movies, pop culture and movies.
The Fast and Furious franchise, Initial D and Jackie Chan’s Thunderbolt glorified cars such as the Mazda RX-7, Toyota AE86 and Mitsubishi Evolution models.
Just like the Aston Martin DB5 (for its role in James Bond movies) was the stuff of dreams, JDM cars have filled that gap for a new generation of car lovers
Whilst their parents desired the Mercs, Aston Martins and Porsches (for their silver screen stardom), JDM cars represented the new age of cool, inextricably intertwined with millennials.
They were the hero cars of the PlayStation generation
The fastest car in the original Gran Turismo game was a little-known (at the time) Suzuki Escudo
Whilst TV and magazines created the aspiration, the PlayStation and other gaming consoles allowed enthusiasts to drive their JDM dream cars (at least virtually).
Beyond just driving, games like Gran Turismo and Need For Speed also allowed enthusiasts to tune and customise their cars from mild to wild - fortifying another central appeal of JDM cars - aftermarket tuning and modification.
Then, as now, the Honda NSX represent the pinnacle of Honda powertrain technology. But it comes at a price...
JDM performance cars are never cheap. When Toyota, Nissan and Honda actually build performance cars, even ones based on cheap cookie-cutter models, they often cost as much or more than their European counterparts.
The Honda NSX for instance was priced at RM 440k when it was officially on sale in Malaysia during the early-90s, about as much as the period Porsche 911 or BMW 8 Series. This just meant fewer people bought them (because they bought the Porsche instead), leading to far fewer examples on sale 25 years later.
The current JDM market boom follows the Porsche price surge that started about 10 years ago
The same is true today, prices of recond Honda NSXs are approximately RM 1 million, or about the same as a used Porsche 911 GT3 or Ferrari 458. This scarcity and worldwide demand have been the main contributor to JDM car prices going up.
Import AP regulation changes
From 1st July 2018, the government increased the age limit for classic vehicles that qualify to be imported into Malaysia. Cars that qualify for the classic Approved Permit (AP) now have to be above 35 years old, previously only needing to be 25 years old.
This has cut off the already limited supply of imported JDM vehicles into Malaysia while skyrocketing the prices of cars that are already here.
But perhaps the most important reason of all...
Perhaps the number one reason JDM cars garner so much interest is simply because they're phenomenal cars. JDM cars from the 90s and 2000s represent the peak of what cars were, before the stranglehold of regulations changed the game forever.
They represented the pinnacle of technological creativity, quality and engineering - from the rotary-powered RX-7, to the mid-engined MR-2 and the WRC-conquering Subarus, and Evos - a time when Japanese innovation was on top of the automotive world.
Why are Protons going up in price?
Well, for a great many (this writer included), though we fantasized about Mitsubishi Evos, the first introductions to JDM performance would have been in much humbler machines.
Protons powered by turbocharged Mitsubishi engines, VTEC-powered Hondas and Daihatsu-powered Kancils were often times where a lot of JDM enthusiasts started their journeys. Not forgetting homegrown heroes like the Proton Satria GTI and Putra.
Years after, these are still the goals or unfulfilled dreams for many who may have watched them screaming down the streets of Dataran Merdeka or the Batu Tiga dragstrip.
Separately, these 90s-era Protons and Perodua all share a link to JDM vehicles via the cars they are based on, and of course, the bang-for-buck performance they can still deliver today.
Thus in recent times, these humble cars that feature engines or components from performance JDM machines have also crept up in value, sometimes costing 2 to 3 times what they cost just a few years ago, all for that small but significant slice of the glory days of JDM cars.
At the core, soaring JDM car prices are simply the case of limited supply and high demand, but there are a variety of reasons that drive that ever-growing demand.
If anything, it serves to point out why Toyota, Honda and Nissan have all returned to making performance cars, which are all quite possibly also the last of their kind.
Arvind can't remember a time when he didn't wheel around a HotWheels car. This love evolved into an interest in Tamiya and RC cars and finally the real deal 1:1 scale stuff. Passion finally lead to formal training in Mechanical Engineering. Instead of the bigger picture, he obsesses with the final drive ratio and spring rates of cars and spends the weekends wondering why a Perodua Myvi is so fast.
