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April 2025 – The second-generation Subaru Impreza (model years 2000–2007) has long lived in the shadow of its rally‑bred predecessor, the GC8. But as the 22B‑STI craze in the United States continues to push prices into six figures, a growing number of collectors are turning their attention to the “bug‑eye,” “blob‑eye,” and “hawk‑eye” cars that followed. While the second‑gen never won the same WRC titles, it brought a heavier, more refined package that is now being rediscovered by enthusiasts who want a usable, high‑performance classic without the stratospheric price tag of a 22B or P1.
The primary catalyst for the current second‑gen market surge is the US import eligibility of the 22B‑STI, which turned 25 in 2023. That event triggered a massive price spike, with pristine examples crossing $250,000 at auction. Demand for that halo car has spilled over into earlier second‑gen models, because many American buyers who missed the 22B see the 2001–2007 STI as the next best thing—more affordable, easier to find, and still capable of delivering the signature Subaru boxer rumble.
Recent auction results support this trend. In 2024, a low‑mileage 2002 Impreza WRX STI (bug‑eye) with full US service history sold on Bring a Trailer for $42,000, a mark that would have been unthinkable five years ago. Meanwhile, the limited‑edition STI S204 (hawk‑eye, 2005–2006) has seen asking prices climb to the $50,000–$60,000 range in private sales, matching the upper end of the UK market.
While the UK Hagerty guide cited in earlier reports shows values from £7,800 (fair) to £34,500 (concours), the US market pricing is slightly different due to import premiums, rust‑belt availability, and enthusiast demand. According to the Hagerty US Valuation Tool (as of Q1 2025):
These figures reflect the growing appreciation for the bug‑eye, which was initially the most maligned. Now, as the last of the “raw” STI generations, it’s gaining favor among purists. The blob‑eye remains the sweet spot for value, while the hawk‑eye commands a premium due to its larger engine (2.5L EJ257) and more modern suspension.
Just as in the UK, US buyers are willing to pay extra for factory‑fitted upgrades. The Prodrive Performance Pack (PPP) was rare in the US but can add 10–15% to a standard WRX STI. More importantly, Japanese domestic market (JDM) imports like the STI S203 and S204 are starting to land on American shores. These cars were never officially sold in the US, but they’re eligible as 25‑year‑old imports (the S203 from 2004 becomes eligible in 2029, but the S204 from 2005–2006 opens up in 2030–2031). However, some early S203 units have already been imported under the “show or display” exemption, fetching prices north of $60,000.
The 2005 WR1 (UK special edition) is also coveted by US collectors, but most remain in Europe. For those who can find one, the premium over a standard WR
