If it was bought for him at that time first-hand and he's literally had it since he was four or five then it would have to be an unsold toy left on the shelves for five or six years (there was no 1992ish Chinese reissue of Hot Rod.) If he actually got it later than that and he's misremembering by about a decade then Hot Rod was reissued here at Toys 'R' Us around 2002.
We'd need to see a photo of the fist peg holes to know if it's the Targetmaster version.