Collectable Classics: Toyota MR2 (1985-2005)

The Toyota MR2’s name tells you all you need to know about the sporty little car’s creative brief. Enthusiasts sometimes call it the Mister Two, but in reality the M is for “midship” (mid-engine if you prefer), R for rear-wheel drive runabout, and 2 for its number of seats. 

The MR2 wore distinctively wedge-shaped bodywork when it was introduced for the 1985 model year. With its sporty good looks, respectable performance and fun-to-drive nature due in part to its lightweight mid-engine design, it instantly attracted its fair share of fans. An all-new MR2 arrived for the 1991 model year with more refined styling, a stiffer chassis and more room inside. The third-generation model, now known as the MR2 Spyder, kept the longitudinal mid-engine layout but was otherwise a thorough rethinking of the little Japanese sports car.

A lot changed through the MR2’s three-generation production run. It started out in life with 112 horsepower before gaining a boost to 145 hp through the addition of a factory supercharger. The second-gen MR2 came standard with 130 ponies (later pushed to 135) and optional with 200 hp in Turbo guise. The third and final MR2 in America dialed things back with a 138-hp engine as the only powerplant available, and while it wasn’t as quick as older MR2 Turbo editions, it was still a lot of fun to drive.

Toyota made several meaningful changes to the MR2’s suspension setup throughout the years, too. The MR2 (especially the second-generation models) had a reputation for snap oversteer when driven hard, and while some of that was due to drivers not understanding the mid-engine car’s handling dynamics, Toyota updated the MR2 in 1993 to make it less susceptible to swapping ends on the road.

If you’re the kind of enthusiast who’s always searching for something different—or just love discovering rare, one-off, or downright oddball vehicles—AutoGuide has you covered. We’ve put together a curated list featuring some of the most unique used cars, trucks, and SUVs from across more than 600 enthusiast forums.

What Makes the Toyota MR2 So Interesting?

There aren’t a lot of reasonably priced mid-engine sports cars roaming the streets or classified ads these days, and that’s mostly because there haven’t been very many of them produced over the years. There are three generations of MR2 to choose from and each of them looks very different from the others. As Toyotas, they have all proven reliable over the years and it’s easier to find parts for an MR2 than from something made by a more obscure manufacturer.

The fact that there’s a sizable aftermarket presence for the Toyota MR2 makes it desirable for buyers looking to expand the car’s performance envelope and make it their own through personalization. Options to boost engine power abound, along with plenty of options for the car’s suspensions, wheels, and tires. A buyer could conceivably build the mid-engine sports car of their dreams with performance that could rival something more exotic without the headache associated with maintaining one.

While hints abound that Lotus lent its expertise to the Japanese automaker while developing the car, there are confirmed authentic reports that famed American racing driver Dan Gurney had a hand in its development and tested the car prior to production in California.

It’s also noteworthy that there are plenty of would-be buyers who grew up in the 1980s, 1990s, and 2000s and wanted an MR2 can now afford one on the used market.

What Is The Best Version Of The Toyota MR2?

The most desirable examples of the wedge-shaped first-generation MR2 lineup are powered by supercharged engines. Coupled to a five-speed manual transmission, the mid-engine, 145-hp MR2 could boast legitimately good performance figures for the era with 0-60 runs of about 7.0 seconds.

Enthusiasts more interested in the mini-Ferrari looks of the second-gen MR2 will want to search out a turbocharged model. Base cars featured a 2.2-liter four-cylinder engine with 130 hp while the MR2 Turbo spun out 200 ponies from its 2.0-liter engine. Magazine tests of MR2 Turbo models reported 0-60 times of less than 6.0 seconds. 

Toyota made changes to the MR2’s suspension in 1993 to make it easier for the masses to drive at speed, and those changes continued through to the second-generation car’s end in 1995. Wider tires, upsized brakes, upgraded transmission components, and a limited-slip differential were all part of the updates. Removable T-top roof panels were also a desirable upgrade.

The biggest decision facing third-generation MR2 buyers is whether to opt for a traditional manual transmission or the optional Sequential Manual Transmission that shifted through the gears when the driver pressed buttons on the steering wheel or bumped the console-mounted shifter. Although the SMT gearbox was an impressive bit of engineering, it drastically reduced the little car’s performance. Purists will likely want to stick to the stick to maximize the performance potential of the MR2 Spyder’s 138-hp 1.8-liter engine.

What Should You Expect To Pay For a Used Toyota MR2?

According to Classic.com and at the time of this writing, the average sale price of a first-gen Toyota MR2 sat at just under $14,000. Supercharged models in excellent condition can crest the $20,000 mark. Second-gen MR2 models sell at prices a little bit higher than first-gen cars, and the third-gen MR2 Spyder is the most affordable of the production run.

AutoGuide’s used car classifieds is another source for used Toyota MR2 models, including this highly modified 1991 model and this low-mileage Spyder from 2003.