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The third iteration of the Toyota MR2 marked a stark departure from its earlier versions and is a great investment opportunity today. This is becoming more evident as the end of combustion engines and an era of Japanese sports cars with personality are nearing their end. If you’re considering purchasing one or are even curious, then stick around to the end of this video.
The latest model of the Toyota MR2 debuted a few days before the 1999 Tokyo Motor Show and was launched in Japan the same month that Toyota's cumulative passenger car production reached the 100 million unit milestone. In Japan, it carried the same name "MR-S" as a concept car shown the previous year. However, in Europe and the US, the vehicle was referred to as the MR2 Roadster and MR2 Spyder respectively.
Remarkably, despite having a more advanced set of features, the new MR2 weighed significantly less than its first-generation counterpart. This was partly accomplished by eliminating the rear trunk and fifth bulkhead. This allowed for an increase in luggage capacity through the addition of full-width storage space behind the seats.
To simplify production across global markets, Toyota made the decision to offer a single engine, the all-alloy 1.8-liter DOHC 16v VVT-i 1ZZ-FE, which was also used in the seventh-generation Celica. This engine provided decent power with 138bhp and had the highest power-to-weight ratio in its class. It received praise from motoring journalists for its excellent handling dynamics and responsiveness.
Similar to the previous generation model, the Toyota MR2 received significant attention from Toyota-affiliated tuners and the Japanese aftermarket, resulting in the production of limited-run special editions such as the Modellista Caserta, VM180 TRD, and TOM’S W123.
The most notable official change came in 2001 when an optional five-speed and later six-speed ‘Sequential Manual Transmission’ to the manual gearbox was added. Interestingly, this was the first time a sequential gearbox had been fitted to any Japanese car. The clutch engaged automatically, enabling the driver to change gears without lifting off the accelerator.
Unfortunately, the MR2 did experience a downturn globally, which caused a significant drop in its annual sales figures. While the car's sales were discontinued in the US and Australia at the end of the 2005 model year, it continued to be sold in Japan, Mexico, and Europe until 2007, when production finally ceased.
In general, the Mr2’s appearance is an important aspect of its appeal, but the Mk3 model received mixed reviews on its likeability. Some people appreciated its small curves and even compared its front end to a Porsche, while others had a different opinion. At a glance, it could be mistaken for a Boxster.
However, the car's most appealing feature is its driving experience, and the Mk3 model does not disappoint. It is an excellent option for those who enjoy cheap, open-topped driving experiences. The Mk3 Toyota MR2 is comfortable and has excellent visibility, making it a pleasure to drive in the city. Additionally, its power steering makes navigating tight, slow corners a breeze, and it is so small that parking is effortless.
Regarding the car's bodywork, a positive aspect is that the exterior panels can be easily fixed since they bolt directly to the main shell. This is unlike previous Mr2 generations and some might even argue a strong selling point. However, it's essential to make sure that cars that have had damage don't have excessive panel gaps or shoddy repairs.
The standard soft top of the car comes with a rear glass window that protects the interior from the elements. Some vehicles, although rare, have an optional hardtop and call for higher selling price.
It's essential to check whether the hardtop was fitted by the owner or as an option from the factory, as Toyota sells the bracket separately for those who want to swap it later. The roof mechanism is straightforward, with an unclip-and-push-back system that's durable and strong. However, it's essential to inspect the rear window area as it can crack if it hasn't been folded correctly. The cabin also has a wind blocker that can be pulled up from behind the seats to reduce unwanted buffeting.
It is important to check the drain holes, which come out through the side-mounted air vents, to avoid dampness getting into the cabin behind the seats. Clearing the drain holes is a simple task that should be done every year. However, some cars with aftermarket air vent covers may make accessing the drain plugs more challenging.