America’s first WRX STIs and Lancer Evos are more popular than ever


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You think the blood is baddest between Ford and Chevy folks? Wait until you catch a forum fracas between the Subaru squad and the Mitsubishi militia. Ever since the two Japanese automakers first locked turbos back in the early 1990s, it’s been an endless game of tribal Top Trumps between Subaru’s WRX STI and Mitsubishi’s Lancer Evolution. Of course, now that they aren’t duking it out in the World Rally Championship, the winner between the two is more open to interpretation—but what does our valuation data say?

2003 Mitsubishi Lancer Evolution high angle front three quarter yellow
2003 Lancer Evolution VIII Mitsubishi

While the first JDM Evo landed in 1992 and the first WRX STI in 1994, American enthusiasts had to wait about a decade for each to officially arrive on our shores. For the purposes of this value showdown, we’re comparing the 2004–2006 WRX STI, a range covering two distinct sub-generations known colloquially as “Blob-eye” (2004–2005) and “Hawk-eye” (2006–2007). The Mitsu Lancer Evo beat the STI to the punch with its USDM arrival for the 2003 model year, so we’re tracking the first two generations of Yankee Evos between 2003 and 2006, a span covering the Evo VIII (2003–2005) and the Evo IX (2006).

Both the Evo and the STI have benefited immensely from the ongoing value surge in the Japanese collector car market. Since the STI’s induction into our Price Guide in 2016, Condition #2 (Excellent) 2004–2007 STIs have grown 88 percent from $21,9220 to $41,320 as of this writing. As is the case with most collector cars, the pandemic market madness was a boon for the first USDM STI, which has enjoyed a 22 percent boost since January 2020. Even during the market’s ongoing cool-down lap, values for excellent condition examples are up 12 percent in the last year.

Subaru WRX STI rear three quarter
2004 Impreza WRX STI Subaru

The Evo’s trajectory tells a similar story. Values of Evo VIIIs in equitable Condition #2 are up 82 percent since 2016, from $18,783 to today’s $34,317. Zoom in, and Evo VIIIs are up 40 percent since Jan. 2020. The subsequent Evo IX breaks away with a Condition #2 value increase from $23,925 to $57,800 at the time of this writing—a whopping 141 percent boost since 2016. The Evo IX gained the most from the superheated market, enjoying a 97 percent slingshot since Jan. 2020.

There are a few threads to tug on here. First, it looks like the STI appreciated better early on than equivalent Evos, rising 54 percent between September 2016 and January 2020. In the same timeframe, the Evo VIII jumped 30 percent, while the Evo IX finished last at 27 percent—a nonetheless strong number. But pay close attention to the Evo IX; it is easily the most valuable of the three in today’s market ($43,475), outstripping the average values of both the STI ($34,950) and the VIII ($29,791).

2006 Mitsubishi Lancer Evolution MR side profile red
2006 Lancer Evolution MR Mitsubishi

We have a few theories explaining the STI’s staying power and the Evo IX’s meteoric rise. First, the final Lancer Evo dipped out for the 2015 model year, while the STI stuck around until 2021, at which point Subaru announced the current-gen (VB) WRX will not spawn a hotter STI variant for the foreseeable future. Subaru had longer to cultivate and grow its fanbase, while Mitsubishi’s enthusiast catalog ended the minute the final Evo was sold.

Age demographics among quotes sought for the Subaru are also noticeably broader than those for the Mitsus. According to our data, Millennials make up 45 percent of quotes for the STI, with 21 percent from Gen-X, 24 percent from Gen-Z, and nine percent from Boomers. Compare this to the Evo VIII, where 60 percent of quotes come from millennials and only 13 percent from Gen-X, and 16 percent from Gen-Z. Curiously, the Evo VIII attracts the same interest from Boomers, with nine percent.

Again, the Evo IX is a stand-out. Millennials make up the majority of the quotes at 74 percent, with the remaining split evenly between Gen-X and Gen-Z. Boomers show negligible interest in the Evo IX, making this the “youngest” of the three cars in question.

So what’s the deal with the Evo IX? Snoop around Evo forums, and you’ll find the IX is considered a stronger, quicker, and more capable, ah, evolution of the VIII. The IX strengthened certain areas of the powertrain and added variable valve timing, and is the one to get if you’re keeping mods light.

2003 Mitsubishi Lancer Evolution rear three quarter

Divisive opinions on the subsequent Evo X further complicate things. Many considered the Evo IX to be the last of the real Evos, and the IX’s (relatively) stratospheric values reflect this. At the moment, the Evo X is not tracked in our Price Guide, but compare Bring a Trailer’s $69,300 September 2022 sale of a 2015 Evo X Final Edition with a scant 17 miles on the odo against the $94,500 paid in December for an 809-mile 2006 Evo IX MR.

For the most part, Evos are considered the sharper, more focused drive against the STI, and it attracts a requisitely hardcore type of enthusiast who is very much obsessed with Mitsu minutiae. If you combine the Evo VIII and IX U.S-market production figures, it falls just under 200 units short of the 21,235 STIs sold between 2003 and 2006, boosting to 25,813 units when you incorporate the Hawk-eye STI’s final model year in 2007. However, only 8201 Evo IXs were sold in 2006, making it the rarest generation in the States.

Regardless of rarity or value trajectory, the pair best known in their respective Mitsubishi Rally Red or Subaru World Rally Blue paint schemes represent spicy, approachable alternatives within the Japanese enthusiast car market.


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    Evo is gone. Mythical.

    Split the silly generational demographic (especially Gen X) down this line: who saw a Fast & Furious movie in high school?

    Understand the impact of the racing video games.

    Google MAGGIE STIEFVATER for an article written by an Evo owner that captures it perfectly. I’ve liked the idea of a Evo for a while. I watched the used ads for 3-4 years pre-pandemic and when they rarely came up they were just outside of my price range for a late-model driver. That ship has sailed due to cost, as this Hagerty article points out…

    Worth waiting for a clean VIII or IX (the CT9A chassis) as you get a more focused driver. The Evo X is a physically bigger, heavier, softer, and quicker car with a lot of enthusiast support but the earlier cars’ 4G63T engine is stout, and the steering is sublime.

    The 4G63 motor in the EVO took to mods like few other cars. Any STI is a better more liveable daily driver but the EVO is the better track car.

    I bought my Evo IX in 2009, as I wanted an all-weather warrior that would be entertaining year-round. Fourteen years later, and I can confidently state – believe the hype. It’s a boosted, raw-nerve, razor-sharp, and make-no-excuses type of car that can do everything except be subtle. It draws as much attention at gas stations and roadsides as my ’68 Mustang fastback; I find that it’s almost evenly split between guys ‘n gals that dig it. (most are under 50, though).

    It appears it’s the next ship in the rising tide of Japanese performance cars being lifted. Think of it as a turbo-four AWD rocket, using the same concept as the lightweight stripper drag cars of the 1960s… lightweight everything, little sound deadening, and a *very* narrow focus on being damn good at its intended purpose – going fast on every surface cars race on.

    I am the original owner of a 2003 Mitsubishi Lancer Evolution VIII now with 205,000 miles on the odometer. Most Evolutions unfortunately were not well maintained and met their demise early. However with proper maintenance the Evo will last indefinitely. The Evo has recently received it’s 3rd timing belt service and second clutch pack within 20 years. It has seen action at New Jersey Motorsports Park, dozens of quarter mile passes at the drag strip, and numerous auto cross events. With it’s current power level at 350whp for the past 18 years (and plenty of room for more power) it shows no signs of failing. Recent compression tests show good numbers on all cylinders. And impressive still, all major components are original, (block, head, transmission, transfer case, differentials, and turbo all original components.) It has been my experience with proper maintenance the Evo is very reliable. I’ve driven Porsche 911 Turbos, Porsche GT3, BMW M3s, and Corvette Z06s and in my opinion both the Mitsubishi Lancer Evolution and Subaru STi have rightfully earned their future classic car status. And I’m looking forward to another 20 years strong.

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