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Why a 1980’s Toyota Corolla sold for over $50 000

By Kade Stevens Oct 25, 2024 | 10:00 AM

This is an AE86 at Calgary's very own 8/6 day, a special event held around the world on August 6th to celebrate enthusiasts love for the underdog Corolla. (Kade Stevens, CMRU.ca)

Although it may be no surprise to see classic muscle cars and European exotics fetching absurd prices at auction for the past few years, it might be shocking to see a lowly 1986 Toyota Corolla sell for US$40 000, (C$55 000) on the popular auction site Bring A Trailer. While it may look like an unassuming mid 1980’s Japanese economy car, this Corolla is not only a pop-culture icon, but a catalyst that changed motorsports forever. But most of all, the Toyota Corolla AE86 is recognised by enthusiasts as a symbol that reminds many of the simpler days of motoring joy.

Why the Toyota Corolla?

To many people, the Toyota Corolla is the most basic, boring and uninteresting vehicle there is. But to the keen enthusiast, there is one model of the Corolla that transcends its mundane reputation, the 1983-1987 AE86. Most enthusiasts affectionately refer to the vehicle by its chassis code AE86, or simply eight-six, to differentiate the car from its dull counterparts that share the Corolla nameplate.

What makes it so special?

Most importantly, there are three aspects that are integral to the core identity of the eight-six that make it stand out: rear-wheel drive, an exciting engine, and a lightweight design. During a time where most of the auto industry was making the switch to front-wheel drive, Toyota decided to offer one last rear-wheel drive Corolla as a send off to that era of the model. The rear-wheel drive AE86 was then paired with a high revving engine that screamed all the way to its 7500 RPM redline, all packaged in a lightweight chassis that makes tackling winding back roads nothing short of addicting. Upon its release in 1983, enthusiasts quickly discovered that the eight-six was a fun and rewarding car to drive, and was surprisingly capable on the racetrack.

The birth of drifting

While sliding the rear of the car around a corner was not a new concept, the AE86 showed drivers that such sliding was not just an advanced racing technique. Legendary racing driver Keiichi Tsuchiya released the first-ever drift tape in 1987, piloting none other than his own eight-six. Tsuchiya showed his expert skills by sliding around his eight-six on the twisty mountainous public backroads of Japan, and proved that the humble eight-six was more than capable of providing a thrilling experience to any driver. Tsuchiya would lose his racing licence for exhibiting such behaviour on the public streets, but the impact on young drivers had already been made, and cemented Tsuchiya as the “Drift-King.” The popularity of drifting and the eight-six grew substantially from then on, leading to Tsuchiya starting drifting competitions and eventually what is known today as Formula Drift, one of the largest motorsports in the world. Because of its association with the Drift-King and recreational sliding, the AE86 would forever become synonymous with drift racing and culture.

A pop-culture icon

After its rise to notoriety in the enthusiast world, the AE86 was featured in countless movies and video games like Fast and Furious and Gran Turismo. However, no appearance of the eight-six is more important and iconic than its star role in the Japanese manga and anime series Initial D. In Initial D the main hero races and drifts his way to countless victories throughout the series, all while driving his underpowered and outclassed eight-six. The classic underdog story cemented the AE86 as the people’s hero, and introduced a massive audience to the special Corolla.

Worth the price tag?

The short answer is no. There are very few people out there who can stomach spending over five times the original sticker price of C$10 000 for what is ultimately an ’80s Corolla. However, to the right collector, a concours condition eight-six is nearly priceless. Because of their reputation for being cheap racing and drift machines, over the past 40 years most eight-sixes have been crashed and crushed. Of the eight-sixes actually left on the road, a vast majority of them are plagued with major rust issues and require full restorations to become roadworthy again. A combination of these factors have led to the iconic drift machine being incredibly rare nowadays. But for those who want to experience the magic of driving an eight-six for a reasonable price, expect a lot of rust and make sure to avoid those collector auction sites.

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