V (1998 to 1999)

Introduced in 1998, the Mitsubishi Lancer Evolution V represented a major step forward in the Evo lineage, both visually and mechanically, as Mitsubishi intensified its focus on World Rally Championship success. Retaining the familiar 2.0-litre turbocharged inline-four and all-wheel-drive layout, the Evo V featured significant chassis, suspension, and aerodynamic upgrades, along with a wider track and more aggressive bodywork to improve stability and cooling. Engine revisions delivered stronger torque and improved drivability, while the interior and braking systems were also upgraded to match the car’s increasing performance. Total production was limited to approximately 7,500 examples worldwide, making it one of the rarer core Evo models. In the Australian market, the Evo V was never officially sold and exists primarily as a grey import, with strong enthusiast demand driven by its pure rally-era character, mechanical simplicity, and direct link to WRC competition, as well as originality and condition, positioning it as a highly collectible early Evolution model.