Diecast (or die cast, or die-cast) toys were first produced early in the 20th century by manufacturers located in both the United States and the United Kingdom. The first scale model diecast on the market were basic, consisting of a small car or van body with no interior. In the early days it was also common for impurities in the alloy to cause the casting to distort or crack for no apparent reason. As a result, diecast toys made before World War II are difficult to find in good condition. The high-purity alloys used today avoid this old problem. The popularity of diecast toys as collectibles developed in the 1950s once their detail and quality increased. Consequently, more companies entered the field and began adding interiors and clear plastic windows in their scale model diecast vehicles.

In the last 1940s, the popular Matchbox 1-75 series got its name because there were always 75 different vehicles in the line, each packaged in a small box designed to look like those used for matches. These toys became so popular that “Matchbox” was widely used as a generic term for any diecast toy car, regardless of who the actual manufacturer was.

In 1968, Hot Wheels were introduced in the United States by Mattel. Because they looked fast and were fast (they were equipped with a low-friction wheel/axle assembly), Hot Wheels quickly gained an important niche in the diecast toy market, becoming one of the world’s top sellers and challenging the Matchbox 1-75 series in popularity. In 1997, Mattel bought Matchbox, essentially making Hot Wheels and the Matchbox 1-75 line sister brands. The two brands continue to sell under their own separate names.

By the 1980s, it was apparent that many scale model diecast vehicles were being purchased by adults as collectibles, not as toys for children. As NASCAR enjoyed increasing popularity in the 1990s, a large number of racing-related NASCAR diecast cars and trucks, painted in the colors of the different racing teams, appeared from various manufacturers. In addition to cars, trucks, buses, agricultural implements, and construction equipment, diecast aircraft and military models became popular.

From about the year 2000 on, the quality and accuracy of models improved dramatically. Around 2005, “premium” manufacturers began to offer very high-quality, highly-detailed models at higher prices. Today, many features are now found in mainstream, low-priced diecasts that were once only found in models costing upwards of $100. Engine wiring and plumbing, carpeting in the interior, detailed instrument panels, seatbelts, and photo-etched details are common even in a diecast model car costing under $50. Today, scale model diecast cars and trucks from all over the world are affordable and highly prized by collectors.