diff --git a/src/cmd/go/internal/modfetch/cache.go b/src/cmd/go/internal/modfetch/cache.go
index c1303502e55..f3b58a172a6 100644
--- a/src/cmd/go/internal/modfetch/cache.go
+++ b/src/cmd/go/internal/modfetch/cache.go
@@ -347,6 +347,9 @@ func GoMod(path, rev string) ([]byte, error) {
 		if _, info, err := readDiskStat(path, rev); err == nil {
 			rev = info.Version
 		} else {
+			if errors.Is(err, statCacheErr) {
+				return nil, err
+			}
 			err := TryProxies(func(proxy string) error {
 				info, err := Lookup(proxy, path).Stat(rev)
 				if err == nil {
@@ -706,15 +709,42 @@ func rewriteVersionList(dir string) (err error) {
 	return nil
 }
 
+var (
+	statCacheOnce sync.Once
+	statCacheErr  error
+)
+
+// checkCacheDir checks if the directory specified by GOMODCACHE exists. An
+// error is returned if it does not.
 func checkCacheDir() error {
 	if cfg.GOMODCACHE == "" {
 		// modload.Init exits if GOPATH[0] is empty, and cfg.GOMODCACHE
 		// is set to GOPATH[0]/pkg/mod if GOMODCACHE is empty, so this should never happen.
 		return fmt.Errorf("internal error: cfg.GOMODCACHE not set")
 	}
-
 	if !filepath.IsAbs(cfg.GOMODCACHE) {
 		return fmt.Errorf("GOMODCACHE entry is relative; must be absolute path: %q.\n", cfg.GOMODCACHE)
 	}
-	return nil
+
+	// os.Stat is slow on Windows, so we only call it once to prevent unnecessary
+	// I/O every time this function is called.
+	statCacheOnce.Do(func() {
+		fi, err := os.Stat(cfg.GOMODCACHE)
+		if err != nil {
+			if !os.IsNotExist(err) {
+				statCacheErr = fmt.Errorf("could not create module cache: %w", err)
+				return
+			}
+			if err := os.MkdirAll(cfg.GOMODCACHE, 0777); err != nil {
+				statCacheErr = fmt.Errorf("could not create module cache: %w", err)
+				return
+			}
+			return
+		}
+		if !fi.IsDir() {
+			statCacheErr = fmt.Errorf("could not create module cache: %q is not a directory", cfg.GOMODCACHE)
+			return
+		}
+	})
+	return statCacheErr
 }
diff --git a/src/cmd/go/testdata/script/mod_gomodcache.txt b/src/cmd/go/testdata/script/mod_gomodcache.txt
index b2143e20939..74a3c79622f 100644
--- a/src/cmd/go/testdata/script/mod_gomodcache.txt
+++ b/src/cmd/go/testdata/script/mod_gomodcache.txt
@@ -47,6 +47,11 @@ env GOMODCACHE=$WORK/modcache
 go mod download rsc.io/quote@v1.0.0
 exists $WORK/modcache/cache/download/rsc.io/quote/@v/v1.0.0.info
 
+# Test error when cannot create GOMODCACHE directory
+env GOMODCACHE=$WORK/modcachefile
+! go install example.com/cmd/a@v1.0.0
+stderr 'go: could not create module cache'
+
 # Test that the following work even with GO111MODULE=off
 env GO111MODULE=off
 
@@ -58,3 +63,5 @@ go clean -modcache
 
 -- go.mod --
 module m
+
+-- $WORK/modcachefile --