Toyota MR2 | Spotted
Since we're all in the mood for affordable Japanese classics...
It won’t come as any surprise to find that the Japanese sports car triple test is still having quite an influence at PH HQ. Simple, affordable, fun cars will tend to do that, especially when there are three of them together on great roads. Like so much of the era, the 350Z, S2000 and RX-8 were still hugely entertaining to drive, with an old-school charm missing from so many modern cars.
There wasn’t a Toyota representative in the comparison, the GT86 arriving after all three others had ended production. But it was most certainly doing fast(ish) and fun in the period, with both Celica and MR2 on sale until 2007. It’s amazing to think that it’s now almost 20 years without such famous nameplates in the Toyota lineup. Let’s hope for a Supra-style resurrection sooner rather than later.
The Mk3 MR2 was a return to the roots of Toyota’s mid-engined roadster, a light and raw drop-top that was all about driving enjoyment. A laudable brief, though it struggled a tad when new because it wasn’t as usable as cars like the MX-5, without much boot space or quite such friendly handling. Power was fairly modest, too, at 140hp, so it wasn’t quite as exhilarating as something like a Toyota-engined Lotus Elise.
But time has been kind to the little Midship Runabout. What’s sub-optimal for everyday use is more than acceptable for an occasional sports car: this is a mid-engined, sub-tonne sports car available for significantly less than £10,000. Unless you want an MG F, there really isn’t anything quite like an MR2 for the thrill of both engine and drive behind you in a two-seater.
The Mk3 MR2s to go for are those from 2003 and onwards, with a six-speed gearbox instead of the original five-speeder as well as suspension changes and an engine that’s considered tougher than the original. While many by now have been transformed into dedicated track cars (usually with the 190hp engine swap from a Corolla or Celica, for a real budget Elise), a good few survivors remain out there.
This looks like one of them. You don’t need us to tell you what an MR2 Red meant in terms of spec, but the important news with this one is a full main dealer history, a modest mileage of less than 50,000, and just one previous owner. There’s been a service recently, as well as an MOT, which only highlighted old tyres; a great point to negotiate from, or a fairly inexpensive issue to address given the small wheels.
That’s the real joy of an MR2, surely. There’s the unrepeatable joy of a mid-engined convertible, with the running costs of a 1.8-litre, 975kg Toyota. The engine is ordinary, the brakes are small, the whole ethos pretty back to basics. When almost all of the Mk3 MR2s are now almost 20 years old, that’s got to count for a lot.
This one is for sale at £8k; bargain basement MR2s do remain, but the best ones are now starting to command a little more. Given their humble roots, these Toyotas seem unlikely to ever soar in value, but by the same token it seems that most are definitely done depreciating. And if the badge ever should return - Toyota more than most seem keen on celebrating its heritage - then you really will be sitting pretty. For now, there seems little better on a budget for fun in the sun.
SPECIFICATION | TOYOTA MR2 RED
Engine: 1,798cc, four-cyl
Transmission: 6-speed manual, rear-wheel drive
Power (hp): 140@6,400rpm
Torque (lb ft): 127@4,200rpm
MPG: 38
CO2: 178g/km
Year registered: 2005
Recorded mileage: 46,191
Price new: £17,995 (2004)
Yours for: £7,990
I've driven Mk1 & Mk2 MR2s and have a real soft spot for them. This - nope. I'm sure it drives beautifully but after the earlier cars I wouldn't even give it a look.
That said, I love a red leather interior.
I've driven Mk1 & Mk2 MR2s and have a real soft spot for them. This - nope. I'm sure it drives beautifully but after the earlier cars I wouldn't even give it a look.
That said, I love a red leather interior.
And an impractical choice for me as I doubt I could go shopping with SWMBO as there is little (or no) luggage space.
I've driven Mk1 & Mk2 MR2s and have a real soft spot for them. This - nope. I'm sure it drives beautifully but after the earlier cars I wouldn't even give it a look.
That said, I love a red leather interior.
When I first got it, I became aware of all the online horror stories about the pre-cats with many insisting that the face-lift models had a stronger set-up. I did some research using the online Toyota parts catalogue and it turns out that the stronger set up (primarily revised piston rings and exhaust manifold) were introduced in cars manufactured from November 2001 – well before the face-lift was introduced. Mine had been manufactured in May 2002 so I relaxed a little as it had exactly the same engine and manifold as those used in the facelift model until a final revision was made in 2005. It never used oil between changes and the pre-cats remained in excellent condition throughout my ownership, with it being sold having done 117,000 miles.
The facelift has a sixth speed (although the first four gear ratios are identical to the five speed so no advantage there) and a little more chassis bracing underneath, which can easily be added to the pre-facelift. It also had slightly wider rear tyres to make it a little less ‘pointy’ at the limit. Both UK versions had a standard-fit LSD. The downside of the facelift is the chintzy lights and the ‘smiley’ front air intake. And they weigh more; only the pre-facelift cars were under a tonne.
So if you’re looking for an MR2 roadster, consider a 2002 pre-facelift. It’ll be cheaper than the facelift model and, dare I say it, better
I purchase one 15years ago as a summer vehicle, only does maybe 3000miles per year. Embarrassingly I have never serviced it (apart from tyres) but it starts every April and passes it's MOT no issues.
The main thing that would improve it is maybe another 20-30bhp and a more revy engine.
MK1 - THE MR2. Stunning. Released 5 years before the MX5 to critical and public acclaim.
MK2 - Released to critical panning (by experienced motoring journalists - see below), a year before the MX5 was released with the MX5 gradually replacing the MR2 (i.e.the MK2) as the goto small sports car. MK2 wasn't a patch on the MK1.
MK3 - In the latter years of the MK2, the MK2 sold poorly and the introduction of the cheaper Elise in 1996 killed it, in combination with the market leading MX5 and the recently introduced (but inferior) MGF.
Given this backdrop, and very conscious of the MK2's poor handling in Rev1, Toyota looked back to the Mk1, extended the wheelbase and gave it the roadster treatment that the market demanded.
Result - the MK3 is a stunning little car that handles best out of the 3 versions of the MR2 (because of the longer wheelbase and consequential lack of boot). In 1999 when the Mk3 came out, an Elise wasnt that much more expensive so the Elise won hands down (for me) when the MK3 was new, but now, in 2026, nothing beats the MK3 MR2 in what you get for its S/H price.
Looks wise - i love the MK1 in the same way i love the Giugiaro Esprit. Of its time and stunning. MK3 - looks much better in the flesh and it gets better over time. MK2 - the Chav's jelly mould MR2 that looks nothing like a Ferrari, despite some owners deluded claims it does.
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