The Toyota Classic was produced as part of the Toyota Excellent Conversion Series (TECS), a project that aimed to provide wide-ranging types of cars in answer to increasingly diverse tastes of customers. The exterior and interior designs of the Toyota Classic were modeled after those of the Toyoda Model AA -- the first all Japanese-made passenger car that was completed and placed on the market in 1936. The Toyota Classic was produced in 1996, in celebration of the 60th anniversary of Toyota's inauguration and the Toyoda Model AA's debut. The quantity was limited to 100 units.

The chassis of the Hilux pickup truck was used as the base, because its size was similar to that of the Model AA. Toyota Technocraft Co., Ltd., a skilled coachbuilder that had customized a wide variety of cars, produced the bodywork using Model AA's airflow styling as the motif. The engine was a 2-liter 4-cylinder OHV unit (3Y-E) producing 97 PS used on the Hilux, to which a 4-speed automatic transmission with overdrive was added. The body was 2-toned in black and dark red, and the ambience of a classic car was reproduced with such accessories as chromed bumpers, white ribbon tires, leather seats, a wood-rimmed steering wheel, and a woodgrain dashboard.