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As more iconic JDM cars finally reach 25 years of age, pent-up US desire makes for ever-increasing auction prices. Case in point, that Subaru Impreza 22B that recently sold for $312,555. And one name constantly comes up in JDM discussions: the Nissan Skyline GT-R, especially the R34 model. But while R34s aren’t exactly cheap, they might look like bargains compared to the example about to cross the auction block. That’s because the 2002 R34 Nissan Skyline GT-R headed to auction is a V-Spec II Nur.

The R34 V-Spec II Nür is no ‘ordinary’ Nissan Skyline GT-R

A white 1999 R34 Nissan Skyline GT-R by a gray stone wall
1999 R34 Nissan Skyline GT-R | Toprank Importers

Although the earlier R32 and R33 Skyline GT-R are icons in their own right, the R34 is “the Skyline fan favorite,” Road & Track reports. Partly that’s due to starring as Fast and Furious’s Paul Walker’s chariot of choice. And it’s also because the R34 took everything the R33 and R32 offered and improved on it, R&T explains.

Compared to the earlier Nissan Skyline GT-R models, the R34 has a more advanced AWD system and better rear-wheel steering. It also has stronger turbochargers, improved aerodynamics, a six-speed manual, and a trick multi-function digital display, Autocar and Hagerty report. True, on paper, its 276-hp 2.6-liter twin-turbocharged inline-six isn’t any more powerful than the earlier cars. But that’s only because of the ‘gentleman’s agreement,’ Evo explains. In reality, the R34 Skyline GT-R makes noticeably more than that.

However, just like the earlier R32 and R33, the base car was just the starting point. Two years after the R34 Skyline GT-R’s 1999 launch, Nissan releases the M-Spec, with upgraded dampers, a stiffer rear sway bar, and heated front seats, DriveTribe reports. At the same time, it also released the V-Spec II, with a carbon-fiber hood, larger brakes, and sportier suspension, GT-R Registry reports. Plus, rather than a mechanical limited-slip differential, it has an electronically-controlled one.

And then there’s the R34 Nissan Skyline GT-R V-Spec II and M-Spec Nür. That last bit might sound familiar because it’s a reference to the famous Nürburgring race track. It’s there because these cars had a genuine race-ready engine, with upgrades taken from the N1-spec racers, GT-R Registry and Hagerty report.

A gold 2001 R34 Nissan Skyline GT-R M-Spec Nur
2001 R34 Nissan Skyline GT-R M-Spec Nur | Nissan

That means upgraded water and oil pumps, a stronger block and rotating assembly, and more robust turbos, Hagerty explains. Plus, a speedometer that goes to 300 km/h (186 mph) and a gold engine cover.

There’s a 10-km one coming up for auction that could fetch over $500,000

A white 2002 R34 Nissan Skyline GT-R V-Spec II Nur in a studio
2002 R34 Nissan Skyline GT-R V-Spec II Nur | BH Auction

We previously featured another R34 Nissan Skyline GT-R V-Spec II Nür that was listed at $485,000. And admittedly, that’s still a significant amount of money. But the R34 GT-R V-Spec II Nür recently listed on BH Auction might fetch even more cash.

The earlier model was already fairly mint; the plastic seat covers were still in place. And it only had the equivalent of 225 miles on the clock. And the R34 GT-R V-Spec II Nür listed on BH Auction also has its covers in place. However, its odometer shows it’s only been driven for 10 km—that’s just over 6 miles. And according to the auction house, this R34 has never been street-registered.

The engine bay of a white 2002 R34 Nissan Skyline GT-R V-Spec II Nur showing the gold engine cover
2002 R34 Nissan Skyline GT-R V-Spec II Nur engine bay | BH Auction

There’s also the R34 Skyline GT-R V-Spec II Nür’s rarity to consider. Nissan only sold 1000 Nür models, roughly 300 of which are V-Spec II R34s. Add all this up, and Hagerty estimates this car could go for over $500,000.

And that figure isn’t out of the question. This same R34, with the same mileage, set a world record for R34s at a 2018 BH Auction event, Car Advice reports. Though admittedly, it ‘only’ went for about $336k then.

How much is a ‘normal’ Nissan Skyline GT-R R34 in comparison?

Still, this ultra-pristine V-Spec II Nür won’t necessarily be the most expensive R34 Nissan Skyline GT-R. That honor might belong to the even rarer Z-Tune.

Built from 18 V-Spec and one V-Spec II R34s, the Z-Tune has a 500-hp 2.8-liter twin-turbocharged inline-six derived from the GT500 racer’s engine, The Drive reports. Not to mention more cooling ducts, wider wheel arches, larger brakes, and even more carbon-fiber components, Top Gear reports. And a Z-Tune can easily cost over $500k, The Drive reports.

Compared to this V-Spec II model, a ‘regular’ R34 Nissan Skyline GT-R almost looks like a bargain. As of this writing, Toprank Imports has several available in the $140,000-$170,000 range.

That being said, unless you find a Motorex car or import under ‘Show and Display,’ no R34 is street-legal in the US yet. But it does explain why these cars are starting to rise in value, just like the R32 and R33 did, Hagerty reports. In three more years, the earliest R34 Nissan Skyline GT-Rs will be 25 years old. And as that date draws close, we’ll likely see more pricey R34s come to auction.

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