The BasicsIt's debatable which engine/drivetrain combination produces the most rewarding sports car, but there doesn't seem to be much doubt that a mid-engine, rear-wheel-drive car is both a rarity and a hoot to drive. The thing that makes the Toyota MR2 such a shining example of this principle is that it offers plebeians like us the opportunity to have mid-engine, rear-drive, turbocharged performance for a fraction of the cost of most semi-exotic cars sporting the same configuration. Throw in the aesthetics of a scaled-down Ferrari and the reliability of a Toyota, and it's a tough car to fault.
As with any used car, the newer examples tend to "feel" better on the road-mostly due to the fact that suspension parts such as bushings and shocks are less worn. Compared with modern cars, the T-top models do exhibit noticeable chassis flex as well. Early Mk II MR2s (1991-'92) have been known to be unpredictable at the limit of adhesion, due to rear suspension geometry that allows toe-out under compression. Many MR2 enthusiasts will argue this condition is remedied with driving school experience and not the revised suspension design of the 1993-and-up models.
The CT-26 turbocharger of the gen. II MR2 Turbo engine is slightly less advanced than some of today's offerings, but this is easily remedied by fitting the last turbocharger available on the MR2 Turbo, the CT-20B, which offers quicker spool and much improved top end (it also boosts the horsepower significantly). The most rare model is a hardtop turbo, which is what we recommend if you're in it for the performance.
PricingThe Mk II MR2, particularly the turbo model, is a rare exception in the world of Japanese cars, in that the demand far outweighs the supply. Consequently, the prices are higher than stated in most normally reputable sources-including the "10 Best Used Cars" buyers' guide (SCC, September '05).
Pricing can vary widely depending on condition and mileage (and how aware the owner is of the rarity of the car). After searching www.autotrader.com, we were able to find 1991-'92 MR2 Turbo cars for $4,500 - $7,000, with the non-turbo model in those years checking in at $3,000 - $5,000. Realistically, to get your hands on a 1993 MR2 Turbo, you'll spend $6,500 - $10,000, and $5,000 - $6,000 for a normally aspirated car of the same vintage.
Finally, the rarest of them all, the 1994-'95 Turbo cars can fetch up to $20,000 (seriously), and can be found for as low as $11,000. A naturally aspirated variant in those same years ranges from $6,800 - $10,000.
As an example of the MR2's ability to hold its value, Brad Bedell's Ultimate Street Car Challenge-winning, highly modified 1991 MR2 recently went on sale for $30,000.