Collectible autos: the Toyota Corolla AE86

It's small. It's boxy. It's ridiculously Japanese.

It's the Toyota Corolla AE86.

This particular Corolla (AE86 is the chassis code used by Toyota) was built from 1983 through 1987 and was the last of the rear-wheel-drive models to which Toyota affixed the name. The rest of the Corolla line built during that time is completely uninteresting and is not the subject of our discussion here. What I'm talking about is the 3-door Corolla GT-S hatchback, seen above.

These cars were originally made famous to the masses in the Initial D anime, although they've always had a reputation as being lightweight pocket rockets. These cars have a substantial cult following in Japan (and a growing following in the US) and are generally well-regarded both by boy-racer types and more serious track-going types. By far, the biggest group to embrace the AE86 is the drifting crowd, a sortof Japanese-hooligan sport of trying to go around corners while making as much noise and smoke as possible.

Collectability: Average or slightly above average. This is the ideal car if you want to throw cheap mods at a cheap car.

(+) Cheap cars, cheap parts, cheap mods. Because they're Toyotas, these cars are everywhere—and so are replacement parts and upgrades. Getting into AE86s is about the cheapest motorsport fun you can have—short of, perhaps, a 1982 Camaro...although it's not likely you'll be having very much "fun" with that. Every mechanic on the planet has seen a Toyota 4A engine at some point or another, and getting deep-discount deals is the norm.

(+) It really is reliable. Yes, you can get an early-1980s Jaguar for around the same price as a Corolla, and yes, it will be a whole lot more car. However, the Corolla is a stupendously solid design, and it's not at all unreasonable to expect that these cars will run well even when they've been handed some serious abuse.

(+) It's light. The AE86 handles fairly well straight out of the box and goes fairly quickly despite the fact that it's barely making over 100hp. With a few (generally cheap) suspension modifications and perhaps a small diet (read: throw the interior away) the AE86 is very tossable on a track. It also means that it gets great fuel economy and, as an added bonus, won't do much damage when you inevitably pilot it into someone's rose hedge.

(+) It's respected on the track. The AE86 has been around long enough that even old-school racer types tend to respect it. Show up at a road race in a marginally-trashy-looking AE86 and you're likely to get the approving nods that you wouldn't get if you rolled up in, say, a Fast-and-the-Furious-style MkIV Supra. I've seen a Nissan Skyline GT-R R34 get eaten alive by a souped-up AE86—and that's impressive.

(-) They're all old and abused. Chances are good that if you're looking for an AE86 by now, it's been bought by some teenager and beaten to hell. Not many old people bought these new and drove them to church on Sunday, and nobody has really ever forgotten about one in a garage somewhere. Most of these have been used as daily-driven commuter cars or, worse, as some kids zoom-mobile.

Expect to pay: $3,000 for a solid GT-S that's only marginally abused.

What to look for:

• Mods are OK, but be sure to verify that they've been done correctly. Lots of hamfisted kids have worked on these cars.
  
• Rust generally isn't a problem. Toyota worked out its paint kinks by 1983.
  
• Buy only the GT-S, which came with the DOHC 4A-GE motor. The GT-S also only came with a 5-speed, so you don't have to worry about hunting for non-automatic models.
  
• Don't buy anything from anyone under the age of 22. This is a general rule but applies doubly to this car.
  
• Light body damage is OK. Pull it into shape, sand it, and throw a mild (mild!) bodykit on it.