When most people think of fun Japanese sports cars, one lightweight roadster usually comes to mind, but there’s another classic that many drivers overlook. A mid-engine icon from Toyota delivers a unique blend of balance, responsiveness, and sheer driving enjoyment that continues to thrill enthusiasts decades after its debut. For those who crave pure fun behind the wheel, it arguably offers an experience that even the most beloved roadster can’t quite match.
Part of what makes this Japanese sports car so engaging is its layout. The mid-engine design gives it a nimble, poised feel through corners, and the feedback it delivers makes every twisty road feel like a playground. Its punchy four-cylinder power and crisp handling make it feel alive at almost any speed, and unlike many modern performance cars, it doesn’t rely on electronic aids to create excitement.
For drivers who want a true enthusiast’s car that emphasizes connection, balance, and fun over all-out grip or lap times, this underrated classic proves there’s more to Japanese sports driving than the obvious favorites. It’s a reminder that sometimes the most exhilarating experiences come from unexpected places.
In order to give you the most up-to-date and accurate information possible, the data used to compile this article was sourced from various manufacturer websites and other authoritative sources, including the EPA, Kelley Blue Book, Edmunds, and Bring-a-Trailer.
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The third gen Toyota MR2 is affordable, fun, and readily available
Not as popular, but just as cool
The MX-5 is the benchmark for affordable coupes, and has been for just about as long as it has been on the market. However, some other brilliant models have flown under the radar over the years. In our minds, one of the most impressive affordable coupes ever built is the Toyota MR2. While the second generation model is seen as the holy grail, third generation models are much easier to get your hands on.
The third generation is fantastic
It is a pretty common feeling that the best MR2 is the Japanese market second generation model. However, getting your hands on these models isn’t easy, or all that affordable. While the third generation model might not be the holy grail of MR2s, it is still a pretty incredible sports car.
The most notable change was that Toyota converted the coupe into a fully-fledged convertible. This is why it is often given the ‘Spyder’ nomenclature. It is built off of similar principles to the Mazda MX-5 Miata in that Toyota wanted it to be small, lightweight, and focus on driver enjoyment above all else.
Average used price
| Model years | Average list price |
|---|---|
| 2000–2005 | $13,351 |
There are quite a few third-generation MR2 models on the used market right now, and they’re all priced pretty fantastically. We do concede that there are more MX-5s on the market, and that similarly aged models are slightly more affordable. However, we actually like that the MR2 isn’t as popular, making it something a little different than the usual choice. Either way, it’s hard to argue with a sub-$15k asking price for a mid-engine sports car.
There aren’t really any bad model years in the third generation. We would, however, look for a 2004 or 2005 model. The 2004 model year introduced an optional Torsen limited-slip differential and a strengthened unibody. It also benefits from the new springs and dampers introduced for the 2003 model.
Get this used midsize luxury sedan for less than a new Toyota Camry
Why settle for a something mainstream when upscale is this affordable?
This mid-engine sports car is guaranteed to put a smile on your face
Connecting you with the road
One of the biggest reasons that people like the Mazda MX-5 is its simplistic ideology. It focuses on delivering fun and connecting you with the road, avoiding putting any electronic barriers in the way. In this way, the Toyota MR2 and the MX-5 are very similar. They may have taken a different approach, but Toyota definitely nailed affordable driving enjoyment here.
Toyota MK3 MR2 performance
| Engine | 1.8-liter naturally aspirated inline-four |
|---|---|
| Transmission | 5-speed manual or 6-speed automatic |
| Horsepower | 138 HP |
| Torque | 126 LB-FT |
| Driveline | RWD |
| 0-60 MPH | 5.8 seconds |
While the little four-cylinder engine under the hood may seem a little under-powered, it puts down enough to get the MR2 to 60 miles per hour in as little as 5.8 seconds. This is actually quicker than the MX-5s of the time. This is because Toyota’s little roadster weighs around 2,195 pounds, which is incredibly light.
Something unique about the MR2 that sets it apart from other affordable sports cars of the time is that it is mid-engined. The goal was to create something that could rival the driving experience you get from European exotic cars for a fraction of the price. In our opinion, this is something that they nailed.
The balance and agility of the MR2 are fantastic. With a lot of its mass centered between the front and rear axles, it feels exceptionally well planted through corners. It’s mechanical focus and brilliant responses make it just as enjoyable to drive as the Miata, some might even say more so.
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There are a handful of second-generation models out there
For a little more, you could have the peak MR2
If you’re not quite convinced by the third generation’s humble power or its more rounded exterior styling, you can actually find some second generation models if you’re willing to wait and spend a little more money. As well as being more powerful, second generation MR2s are one of the most fantastic-looking cars from this era, which could make it worth the extra money on its own.
Getting a second gen MR2 isn’t easy
The second generation MR2 is seen as the best MR2 for a number of reasons. The first thing you notice about it is just how gorgeous it is. This is the model that people call the ‘baby Ferrari’, and it isn’t all that hard to see why. Its sleek lines and targa roof make it feel like a genuine exotic car, rather than an affordable knock-off.
These models are a lot rarer on the used market. There are very few that go up for sale, and you really have to grab them quickly before they get nabbed by somebody else. The JDM models that have been imported are particularly desirable, but they obviously auction for much higher prices. Second generation models have been auctioned on Bring-a-Trailer for anywhere between $10,000 and $40,000.
Turbocharged models are weapons
| Engine | 2.2-liter naturally aspirated inline-four | 2.0-liter turbocharged inline-four |
|---|---|---|
| Transmission | 4-speed automatic or 5-speed manual | 5-speed manual |
| Horsepower | 130 HP | 200 HP |
| Driveline | RWD | RWD |
Second generation MR2s produced for the U.S. market came in two different forms. The base models featured a naturally aspirated four-cylinder engine, with Turbo models putting down quite a lot more power. The Japanese market models made 163 horsepower in naturally aspirated guise and 218 horsepower in turbocharged guise.
The one downside to the second generation MR2 is that it is the heaviest. North American market models weigh around 2,600 pounds. This is part of the reason why these models took 6.1 seconds to get up to 60 miles per hour. In any case, their raucous personality is a big reason why these are the most sought-after models.
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