Toyota MR2 | Spotted

Since we're all in the mood for affordable Japanese classics...

By Matt Bird / Tuesday, 5 May 2026 / Loading comments

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