According to IMBD, actor William Zabka (Johnny) still owns the red leather jacket he wears in the film.
William Zabka was born on October 20, 1965 in New York City, New York, USA. He is an actor and producer, known for The Karate Kid (1984), European Vacation (1985) and Back to School (1986).
Follow William Zabka on his official Twitter link (below):
A vintage Karate Kid toy commercial:
Produced in 1986 by Remco
Original retail price: $5.99
UPC = 0501630003202