The second-generation Townace wagon was released in November 1982, and the Masterace Surf was also introduced as a sister model in response to brisk demand for 1-box wagons. A medium roof (slightly higher than that of the Townace Van) was standard for the wagon, and a higher roof version was also made available. Both body types offered an optional twin moonroof.

Initially, the only available engine was a 4-cylinder, 1,800 cc unit with 95 PS dubbed LASRE 2Y. A choice between a 5-speed manual transmission and a 4-speed automatic transmission with overdrive (the first for this type of vehicle) was offered. The leaf spring rear suspension was replaced with a 4-link coil rigid suspension with a lateral rod. A wide range of accessories were available, including a refrigerator/warmer with ice maker, a 7-speaker audio system, and a color TV. A diesel model with a 1,974 cc 72 PS power plant was added in April 1983, and a sporty model with a 2,000 cc 115 PS EFI engine was added in May 1984. A new turbo diesel model (1,974 cc 88 PS) was introduced in August 1984, followed by part-time 4-wheel-drive models (with a 2,000 cc 97 PS gasoline engine or an 82 PS turbo diesel engine) with a sub transmission in November 1985 and a skylight roof model in August 1985, further increasing model variations. An electronically controlled suspension (TEMS) was adopted in September 1987.

In a minor model change in January 1992, the Liteace line became a derivative of the Townace line, sharing the latter's body.