The Skyline GT-R R34, produced by Nissan, was the fastest street-legal production car of its time. Known as 'Godzilla' on the car scene, it was (and still is) a real monster, a dream come to life, and a true legend all at the same time. One might think that the market for the R34 is a niche one, but with the new R35s doing well, and talks of an all-new R36, the 34 is starting to make cameos in all the right places. After 25 years, listings and sales of the famous R34 are on the move and laying down tread the world over.
Wrinkle In Time
In order to become acquainted with the R34 you first have to understand its humble beginnings as a Skyline, when it became the R32, and how it ended up as one of the most sought-after cars on the planet. If someone were to talk about the Prince Motor Company, chances are 90 percent of people wouldn't have a clue who, or what they were. Behold, the Prince Skyline, circa 1957. Initially released and sold as a four-door sedan (or a five-door station wagon) the Skyline was modest at best. It wouldn't become a racing name with the GT brand until 1964, just two years before Prince Motors merged with Nissan.
In 1969 Nissan lifted the veil on the first performance GT-R, and over the next 20 years took the car through many variants and models. What would come to include the C110, the R30, and the R31 in the line-up, Nissan ultimately settled on the R32 which inevitably set the stage for the coming Skyline GT-R icon. Concealing the famous RB26DETT inline-six engine under the hood pushing 280 horsepower, the R32 rocketed (quite literally) Nissan to the top of the JDM (Japanese Domestic Market) scene, and in 1989 won every single race it started in the Japanese Touring Car Championship.
Following with a prototype in 1993, of what would be released in January 1995 as the R33, the GT-R flaunted improvements in just about every noteworthy aspect of the car, including the introduction of the new all-wheel drive system. And then in 1998, the R34 Nissan Skyline GT-R was born. With a more aerodynamic body, closer wheelbase, advanced display unit, and twin-turbo inline-six, the R34 outperformed all of its predecessors and set Nissan on the launchpad for what is still to this day one of the greatest builds of any car company in the world. So let's take a ride and see just how the value has changed over the years, some common factors influencing the prices, and what the R34s are going for now.
Numbers Game
The year is 1999 and Nissan has just ripped the shroud off of the most anticipated, sought-after, and technologically advanced Skyline to date; The GT-R R34. With a base price of ¥4,998,000 (around $45,000), it was definitely well priced considering the power it held. Acceleration times for the stock model placed the R34 in contention with cars such as the Lamborghini Diablo and the Ferrari 550. At 4.5 seconds for a 0-60 mph time, and with a top speed of over 160 stock, even today it could keep up with (or dominate) just about anything on the roads. And being the aesthetically visual masterpiece that they are, it's no wonder why sales have been picking up the pace in recent years.
Total production numbers for the GT-R R34 were 67,262 spanning the years 1998-2002, with the 2001 and 2002 models holding the least at 6,196 and 1,732 respectively. Depending on the variant, color, and a plethora of other aspects, those figures widely fluctuate. For instance, the base model GT-R and V-Spec were widely produced and available in almost every color that Nissan offered (except Millenium Jade and Silica Brass) which make them more common. Whereas if you want the V-Spec II with Pearl White paint, well... only one was made; so good luck finding it.
In 2022 alone, 17 R34s were listed from the U.S. mainland to the Australian outback. Out of those 17, an astonishing 11 were sold for prices anywhere from £94,500 (about $115,583) to a mind-bending $525,000 for the late Paul Walker's 1999 MotoRex V-Spec II (pictured above) at Mecum (one of approximately only 14 made). Note: If you're reading this article then there should be no reason to ask if you know of the Fast and the Furious franchise, for which Mr. Walker used this rare beauty to promote.
To put the numbers from last year in perspective, the preceding six years saw 13 examples brought to market with eight being sold. Sales totaled one in 2016 for £42,560 (roughly $52,055), three in 2017, another one in 2019 for £62,715 (about $76,706), and the final three in 2021. Last year saw more R34s 'come out of the woodworks' so to speak than the prior six years combined. And that speaks volumes. So what causes the dips, influences the growth, and why was 2022 such a hot year for the R34? While the answers are few far and few in-between, the three main components in the movement of this glorious machine are desirability, the world economy, and laws.
Apple Of The Eye
In an era consisting of advances in technology, the media, and fortune, the R34 was escalating very quickly to the top of the world's car scene. From cameos in movies like The Fast and the Furious franchise (mentioned earlier) to being featured in video games such as Forza Motorsport and Gran Turismo (what the GT in GT-R literally stands for), Godzilla's fame was exalted far beyond what Nissan had ever imagined.
Just about everyone knew what a Nissan Skyline GT-R was, and the majority of them were envious in all the right ways. Hence, the 'desirability' factor. These cars were each, in and of themselves a 'one-of-a-kind,' and if you had one you likely weren't getting rid of it any time in the near future. The majority of sales for the R34 during the years of production were largely manufacturing, and there is very little to no data for sales or auctions of any kind from 2003 to 2018.
Economic Stronghold
At the turn of the millennium the world was doing well, and the auto industry was thriving. Gas prices were meager, inflation was non-existent, and for the most part, everyone had what they needed. It was a good time to be alive, and an even better time to own an R34. With the fuel economy stats at 19 MPG in the city and 25 MPG highway, it was not only a great sprinter but a good daily driver as well.
Owning one of Nissan's flagship race cars was akin to having your wildest dream packaged together with a very worthy asset, and as time would come to tell (a story of quadrupling in value in some cases), the end of a real-life fantasy for some would become a gold mine for them at the desperation of others. A quarter-century later, that time has come.
Legal Conundrum
America, land of the free. Except in the case of the Nissan Skyline R-34. As the uptick in market sales continues to climb worldwide, we will undoubtedly see Godzilla coming (and being sold) state-side a lot more due to the NHTSA 25-year import law. Aside from Paul Walker's '99 MotoRex R34 (mentioned earlier), and 13 others like it that were given pardons by the U.S. Government for being made NHTSA/DOT compliant at the time, the GT-R R34 has not been allowed in the US. Yet the anticipated 'light at the end of the tunnel' is here because 2023 will mark the genesis of the first registered R34s being allowed in the United States. The time has come, our roads are ready, and with that, the term 'mic drop' may very well be (appropriately) applied here.
Here's what the current market for the Nissan Skyline GT-R R34 looks like.