The Forgotten Toyota Sports Car That Costs Less Than $30K

Toyota is famed for making extremely reliable cars that can be driven for years and miles without breaking a sweat. It has always been this Japanese brand’s core value. However, they have also given us a taste of sporty, grin-worthy cars with the iconic Supra nameplate, the glorious-sounding LFA from its luxury arm, Lexus, and the hooliganistic GR line-up that shows us the wilder side of otherwise mundane bread-and-butter cars. However, mid-engined sports cars are one segment where Toyota peaked in the 80s and 90s but then faded away.

They only sold one rear mid-engined car in the US, the iconic MR2 sports car. It is a cult classic, and the whisper of this car is enough to get the attention of enthusiasts. This is a car that showed us that a red-colored mid-engined sports car can be fun to drive and a looker, without the Prancing Horse badge. Oh, and it was a lot cheaper than the aspirational Italian. No wonder it is more popular as the “Poor Man’s Ferrari.” Three generations of the Toyota MR2 were sold in America from 1985 to 2005. The first one was edgy; the second one brought in the Ferrari connection; and the third-gen model was only sold as a convertible.

The Mid-Engined Toyota MR2 Costs Under $30,000 Today

Average Used Price: $10,000 – $19,000 (Across Generations)

Codenamed the W10, the first-gen MR2 was high on the wedgy design language that was all the craze back in the 1980s. Toyota’s goal was to reduce curb weight as much as possible so that even a humble sub-2.0-liter four-cylinder engine would be ample to bring out the fun factor from this sports car. It weighed under 2,500 pounds in the US, which, when coupled with its balanced weight distribution, gave the MR2 fun driving dynamics. The average used price of the first-gen W10 Toyota MR2 is $16,620. The most affordable sale was for a measly $3,900, while the most expensive was $77,000.

This is the car that made Toyota stand on the same pedestal as Ferrari. It wasn’t a match in terms of performance, but the second-gen MR2 was drool-worthy, with gorgeous curves, proportionate dimensions, and upscale components that notably dialed up its appeal. It packed enough exotic appeal to divert attention from the then-new Ferrari 348. The W20 MR2 was bigger, heavier, more powerful, more stacked, and more expensive than the W10 series. The average used price of this generation of the MR2 is around $18,300. According to Classic, the most expensive one sold for $71,000, and the most affordable one went for $5,777.

The third-gen W30 MR2 returned to its roots, offered only as a convertible. Launched in 2000, this MR2 generation shrank in size and got a less powerful engine than the Ferrari alternative. This generation of the MR2 has the lowest exotic appeal of the lot. But, on the flip side, it gains a rather easy-to-drive character which can be compared to the likes of the Mazda Miata. The third-gen MR2 is frugal, lightweight, and breezy to drive. The wind-in-the-air experience made up for all its shortcomings. Well, that’s what the numbers say: despite being a modest performer on paper, the third-gen MR2 has an average used price of $11,544, according to Classic.

The First-Gen Model Was A Clever Parts Bin Project

There’s A Toyota Corolla In There

This was an ambitious sports car that Toyota created, inspired by the likes of the Porsche 914, the Fiat X1/99, and the Lancia Scorpion. But instead of starting from scratch and dialing up on the R&D costs (and eventually the MSRP), Toyota went with the parts-bin method. Under the edgy sports car skin, a lot of Toyota Corolla components lie. In fact, this MR2 is literally a front-wheel-drive car flipped backwards, as it uses the Corolla’s rear axle and suspension components. A detailed look would also reveal components such as the Corolla’s steering linkages. However, Toyota is very serious about making this a fun driver’s car and hence took the help from Lous to fine-tune the MR2’s handling.

Performance duties are taken care of by a 122-horsepower 16-valve, twin-cam, 1.6-liter four-cylinder engine mounted ahead of the rear axle. It came standard with a five-speed manual, with an optional four-speed automatic. This Toyota also has an optional yet functional rear spoiler. Despite the humble performance (by today’s standards), this Toyota did 0–60 mph in about 8.4 seconds, a figure that was in the same ballpark as the Porsche 944 of the time.

Dialing the visual appeal even further was a removable T-top glass roof made optional for 1986. Later on, a supercharged version of the 4AGE engine block was introduced, producing 145 horsepower and 140 pound-feet of torque. This engine was coupled to a souped-up transmission that came with an electromagnetic clutch for efficient boost.

The Second-Gen MR2 Is “The” Balanced Sports Car

Aptly Called The Poor Man’s Ferrari

We believe this is where the MR2 reached its peak in terms of exotic, sporty appeal. The second-gen W20 model was revamped with a more curvaceous yet equally exotic design, a host of more upscale features, and enhanced performance. This also dialed up its curb weight, which now ranged from 2,600 to 3,000 pounds, while still retaining its nimble character. This is thanks to a peppier, larger 2.2-liter four-cylinder borrowed from the Camry, which produces 130 horsepower.

The MR2 Turbo was even better with a 200-horsepower 2.0-liter turbo four. This is the same engine used in the rally-homologated Celica All-Trac Turbo. The NA models were equipped with either a five-speed manual or a four-speed automatic transmission, while the turbo models packed a five-speed manual. Further refinements were made, with the base engine bumped to 135 horsepower. The turbo models, however, got a lot more goodies, like larger brakes and an optional limited-slip differential.

Third-Gen Toyota MR2: Smaller And Lighter

Driving Dynamics Made Up For Its Shrunken And Less Powerful Nature

The third-gen MR2, launched in 2000, went back to basics, opting for a more compact design and greater focus on lighter packaging. It weighed only ~2,200 pounds, because of which, its reduced performance would not cause a significant shift in the fun-driving dynamics. Let’s say that it utilized a similar format to the iconic Mazda MX-5 Miata. This generation of the MR2 is the only one without a forced induction engine option.

Powering this Toyota is a humble 1.8-liter four-cylinder engine producing 138 horsepower and 126 pound-feet of torque. This all-aluminum mill is coupled to a five-speed manual transmission, with the option of a Sequential Manual Transmission (SMT) added in 2001. Handling was once again the priority, with components like revised suspension tuning, an underbody brace for structural rigidity, and an optional limited-slip differential added over the years.

Is The Toyota MR2 Making A Comeback?

Yes, But There Might Be A Plot Twist

Toyota has been hard at work to bring back the MR2 for quite some time now. As a matter of fact, it has become a ritual for enthusiasts to hear about the “upcoming MR2” occasionally. Ever since Toyota showcased a stunning two-seater electric sports car concept, the FT-Se, back in 2023, the rumor mill has been strong about the imminent unveiling of its production version, with an “MR2” nameplate. Despite being two years old, the MR2 revival game is still greenlit. The latest proof of this is a flurry of trademark filings Toyota has made worldwide, mainly in Europe. The one that got our attention is the MR-S trademark filed with the Danish Patent and Trademark Office.

This nameplate (short for Midship Runabout-Sports) has not been launched outside of Japan. While it was essentially the same car as the MR2, we are thrilled that Toyota is putting effort into unlocking its JDM legacy for the world. Also, the idea of an all-electric MR2 successor still doesn’t sit right with us. Sure, it will be able to replicate and even outclass the nimble driving dynamics that made the OG MR2 popular. But the “mid-engined” part, which is actually part of its nameplate, would be gone. While it is ambitious, Toyota’s current efforts to develop a highly energy-dense rear-mounted four-cylinder mill with 400+ horsepower give us a glimmer of hope that we will see an ICE-only, or even a hybridized, MR2 successor with an insane power-to-weight ratio.

Source: Classic.com