For all the legendary cars Japanese manufacturers sold throughout the 1990s and into the ‘00s, all had one thing in common: They couldn’t exceed 276 horsepower, at least not officially. That was a result of the Japanese Gentleman’s Agreement introduced in 1989, designed with safety in mind as a horsepower race began to brew among domestic manufacturers. Yet, a very niche subset of exemptions exists, including this incredibly rare version of the first-generation Subaru Impreza WRX STI. A Closer Look At The Subaru Impreza S201 STIWhen the very first Subaru Impreza WRX STI was introduced in 1994, it fell somewhat short of the Gentleman’s Agreement power limit with 247 horsepower in its initial form. That climbed to 276 bhp with the introduction of the Version III in 1996 though, and remained that way for the rest of its production run. At least that was the official line, with real power figures estimated to be closer to 300 bhp in reality, as was often the case with Japanese performance cars.Yet, one version managed to officially have more than that, the bonkers-looking Subaru Impreza S201. Introduced in 2000, this was designed to be the most track-focused GC8-generation WRX STI, and the stats reflected that. Why It Was Allowed To Break The Agreement STI The Japanese Gentleman’s Agreement wasn’t a legally binding thing that every car had to adhere to. Rather, as the name suggests, this was an agreement between manufacturers that its production cars wouldn’t exceed 276 horsepower (Equal to the Japanese-standard 280ps, in case you wondered why such a specific number) as safety concerns grew.While that covered cars built and sold by the likes of Subaru, Toyota, Nissan, Honda, Mazda, it didn’t cover their tuning arms. Anything built and sold by the likes STI, Nismo, and TRD was fair game. A very small handful of cars officially had more than 276hp from the factory during the agreement as a result. Most notably, the R33 Nissan Skyline GT-R-based Nismo 400R, as well as the Impreza S201.STI handled development, build, and sales of the S201, meaning it was allowed to market it with 296bhp. It utilized the same EJ20 2.0-liter turbo four-cylinder boxer engine found in every other WRX STI at the time, although with a new ECU as well as uprated intake and exhaust systems to liberate that extra power.STI never published official acceleration or top speed figures, but it was naturally thought to be quicker than the regular WRX STI, which could do 0-60mph in 4.7 seconds. That car could hit 152mph, but it’s unclear if the S201’s wild aero had much of an effect on that. Speaking of… The Wildest-Looking Factory Impreza STI Although looking like a vehicle being screen-tested for 2001’s The Fast and the Furious, that wild bodywork you see was how the S201 came from new. Curiously, STI opted to use the four-door version of the WRX STI rather than the coupe, for reasons that were never made clear. You could order the crazy-looking triple-deck rear wing from STI for any Impreza, but the fibreglass extended bumpers and side skirts were exclusive to the S201.All of them came with the huge hood scoop, two-tone grey paint scheme, and gold 16-inch Rays wheels as well. Rounding out the changes, the S201 was given some slight suspension adjustment with rear full pillow lateral and trailing links brought in to help stiffen things up. Was The S201 Ultimate GC8 Impreza? Objectively, the Subaru Impreza S201 could lay claim to being the ultimate version of the first-generation WRX STI. It had the most power from the factory, and it was among the final built. There are a couple that could contest it for that title, though. Subaru Impreza 22B STI Bring A TrailerThe Impreza made its name in the World Rally Championship, taking three manufacturers’ titles from 1995 to 1997. To celebrate this success, Subaru released the 22B STI in 1998, a widebody version of the coupe.It featured a larger 2.2-liter engine with forged pistons and a shorter final drive, but retained the official line of 276hp. It was also the first road car to use Bilstein’s upside-down damper setup, featured a carbon fiber strut brace and those beautiful gold BBS wheels. To many, the 22B was and is still the ultimate form of the Subaru Impreza, leading to strong six-figure values. Subaru Impreza P1 Collecting CarsOperating its WRC team to success was UK-based motorsports specialists Prodrive. Alongside its success on the rally stage, the outfit had become synonymous with Subaru tuning too, particularly in the UK. While the 22B was a factory-approved model, the Impreza P1 was commissioned by Subaru’s UK importer and was purely developed by Prodrive.It was based on the WRX STI Type R and retained a 276hp figure despite not being bound by any agreement. Yet, with a completely reworked suspension tailored especially to the UK’s notoriously difficult tarmac roads, it has been widely praised as the most engaging Impreza ever built. Worth noting that, as of 2025, they’ve been legal for US import. How Many Were S201 Were Made, And How Much Is It Worth? STI From the get-go, the Subaru Impreza S201 was destined to be a rare model. Just 300 were set for production, and the model plaques on each car reflect that intention. However, low demand and an overlap with the second-generation Subaru Impreza going into production dramatically curtailed that number. Just 87 examples are documented as being built, making it a unicorn to find.At the time of writing, we were unable to find a single example publicly available on the market, even in Japan. The most recent sale we have been able to find was in New Zealand in April 2025, selling for the equivalent of $25,500. Yeah, values are relatively low, despite its credentials.Given imports were only legal from 2025, we suspect not many of the 87 documented will be in the US at this stage. At least one has been legally imported to North America, though. The Special Series That Followed Subaru While the Subaru Impreza S201 is quite an obscure model, it was the first in a series of special Imprezas that have gone on to achieve more widespread acclaim. Every version of the Impreza since has had an ‘S’ model with a sequential naming structure. Think S202, S203, S204…One of those was even a US exclusive, the S209. Its EJ25 2.5-liter turbo four-cylinder boxer produced an impressive 341hp, helping to make use of an impressive list of upgrades to the chassis. Even now that the WRX STI is dead, the S series lives on, with the Japan-only S210. That model utilizes a CVT and 296hp, however, so we don’t expect it to leave a great legacy. Speaking of Legacy, the Impreza’s bigger brother even got a couple S-series models of its own in the 2000s with a similar list of upgrades.