A 1987 Toyota confounds online auction speculators with record hammer price
Much-loved though it was, states Iain Robertson, it is astonishing that a sporty compact coupe from the late-1980s, even with a modest 2,700 annual mileage on its odometer (total: 92,000), can rattle raucously the cage of the classic car scene.
Making occasional trips down Memory Lane are among the most enjoyable aspects of the motor-noter’s job. Whenever I write stories about some of the latest new cars to hit the scene, I am always conscious of what has occurred in their respective brands’ past and how lineage plays such an important role in forging presence, style and engineering standards.
With the significant growth of the classic car market over the past 30 years, in many respects it is inevitable that a ‘modern classics’ segment has also developed. Runaway valuations of genuine automotive rarities, which usually possess exotic roots, are celebrated worldwide at key shows and events that attract major sponsorship support from prestigious quarters, along with showbiz personalities and the wealthy glitterati, of course. When they are quaffing Veuve Clicquot, donning designer gear and eyeing-up Louis Vuitton luggage collections, this is a money-no-object party-going set that has become most desirable to sell to.
Larger volume motorcars, by nature, are more disposable; they need to be, to keep the industry’s wheels turning. Most run-of-the-mill models, since the dawn of the motorcar, have only had five-figure odometers fitted within their speedo dials, with Volvo being a notable exception with six, although the digital instrumentation era, allied to lengthier manufacturer warranties and markedly improved build and engineering quality, has heralded the arrival of higher mileage recordings.
Yet, a 60-year-old Ferrari, thanks partially to its higher list price when new, is always going to attract both six and seven-figure valuations today, somewhat more readily than an equivalent age Austin, Hillman, or Ford, even though production volumes of the latter makes were much lower than their more up-to-date alternatives. As I have highlighted before, the modern classic is also a trend-bucker, most especially if it has a solid connection to the motorsport scene, as has been witnessed by sky-rocketing values of cars like the Lotus Cortina, Audi Quattro, or Ford Sierra Cosworth.
However, rudimentary runabouts like a Renault 16TS, Austin Maxi, Fiat Uno and Vauxhall Cavalier and even other defunct models like the Saab 900 Turbo, Triumph Toledo, Talbot Horizon, or Simca Aronde, with numbers sorely depleted these days, may surprise their owners with richly appreciating price tags. Naturally, low mileages and impeccable conditions are prerequisites, while originality and a well-stocked history file are essential. Okay. Selling up the modern classic and resettling in the South of France may be an unrealistic proposition but a 55-year-old mint Riley Kestrel is currently worth around 50% more than it was just a decade ago.
If there is one element of ‘modern classics’ that makes them more attractive, it does lie in greater affordability. Acquire your tax-free ‘modern’ in the right state, at the right price and, without spending any more than you might by sprucing-up the company-owned Mondeo, you can enjoy a bit of fun attending minor league classic shows and it will not suffer from depreciation. In fact, buying and selling in this market is part of the delight and you might even earn a few quid extra, with each transaction.
Imagine the relative joy that one lady from the East of England experienced recently. A 1987 AE86 Toyota Corolla GT, bought originally to cheer her up after separating from her partner, has achieved a record price of £46,250 on Car & Classic’s online auction platform. Known to be the highest UK recorded price for a car of this type sold at auction, the rare Toyota has beaten the US record price of $40,000 (£29,004) that was achieved in March this year. The car had been ordered new from Hallens Toyota in Cambridge. The time-warp survivor, complete with period Nokia phone cradle, Toyota mudflaps and dealer-badged registration plates, underscores the growing demand for original, usable modern classics from the 1980s and 1990s.
Originally, it had cost the owner £12,500 in 1987. Having covered an average of just 2,700m annually, the now 92,000-mile GT was ordered without any factory-fit extras, although its generous (for the time) standard specification meant that the owner could enjoy the sunroof, radio-cassette player and alloy wheels. Carefully serviced every year (at a Toyota dealer for the first nine occasions of its life), it was loved by its first and only owner. So much so, that even when vandals ‘keyed’ the paint in 2006 and it was deemed uneconomic to repair, the car was bought back from the insurers and repaired to an ‘as new’ standard. The lady simply could not contemplate her beloved car being dispatched unjustly to the crusher.
The rear-driven GT coupe, as I always referred to the model, was sold in modest numbers alongside a front-wheel drive Corolla GT. Interestingly, I desired the former, was unable to obtain one without a significant delay and opted for ownership of the latter instead. Both cars were powered by the same fizzy 1.6-litre, twincam, 16-valve, naturally aspirated petrol engine that developed a cool 124bhp. As its kerbweight was quite low, it could crack the 0-60mph sprint in a zesty 7.7s, its engine revving safely to 7,800rpm, when desired. The ‘GT86’ benefitted from a standard limited-slip rear differential, which helped the car to react splendidly to an enthusiastic owner’s demands.
The number of Toyota GTs of these types remaining on our roads is now exceptionally low. Many of them ended up as competition cars, racing in various disciplines from rallying to drifting; the rear-driven version lending itself ideally to motorsport conversion. The only reason that its original lady owner sought a new one via auction resides in the GT’s lack of power steering. A recent hand injury forced her into reaching the reluctant decision to dispose of it.
Classic car speculation has taken off in the business scene. Helped by relative rarity, the Toyota GT coupe is but one of a number of ‘modern classics’ that can now boast sky-high valuations. I have given some clues as to other potential collectibles in this story. Best of luck, if you are contemplating the investment potential!
