Toyota MR2 Mk III
It’s a puzzle why the most recent Toyota MR2 has not gained more respect with the car enthusiast community. Also known by the code-name W30, it is mid-engined, high-revving, rear-wheel drive, lightweight, and cheap to buy and run. In short, it’s a better budget weekend toy than a Mazda MX-5 or Porsche Boxster, in just about every way.
Perhaps the only thing that the third-generation MR2 struggles to deliver is a useful amount of storage. Provided you can stuff enough of your belongings in the cubbies behind the slim but supportive seats for a happy weekend away, it delivers one of the most rewarding chassis for remarkably little cash.
Some reviews of the period compared it favourably to the Lotus Elise. And climbing back into this Toyota GB heritage vehicle after all these years, the delights of the last MR2 come flooding back to us. Even around the faster, sweeping curves that make up much of Anglesey’s brave, impossibly picturesque circuit, the MR2 always feels communicative and on its tiptoes; playful enough to thrill, yet talkative and reassuring enough to not be frightening.
Our test car is a late, TF 300 special edition – The Final 300, as it were, which arrived in 2006, some six years after it first went on sale in the UK. It was a brave departure from the MR2 Mk II, which offered a more focussed, power-centric approach and won lasting favour with the tuning and modified car scene. With the Mk III, Toyota went back to the principles of lightweight, low power and big fun that started with the dainty, angular Mk I, which is itself an interesting if far rarer classic.
When it comes to the MK III, there isn’t a version that doesn’t drive brilliantly. However, it’s worth getting one with the six-speed ‘box, if you can. It was introduced in facelifted cars from late 2002, and the shift is so light and positive that the gearbox virtually seems to suck the stick through the next gate. Plus, while no MR2 makes for restful motorway progress, the sixth gear keeps the free-revving 1.8 at a more tolerable background thrum.
That four-cylinder, alloy engine is a real gem, too. Of course, the MR2 could cope with much more than the 138bhp and 7.9sec 0-62mph time that it offers, but the enthusiastic climb to peak power at 6400rpm is a huge part of the entertainment. And the real joy is that, between the sweet, immediate handling and the long, predictable build of power, the little Toyota is fun regardless of how mundane the road and speeds involved.
However, the engine is also the only common reliability issue. The alloy, inline four-cylinder ‘1ZZ’ engine has a reputation for allowing oil into the cylinders, causing misshaped bores and a damaged pre-cat, amongst other issues. If unchecked, you’re looking at an engine failure, but the 2003 facelift brought improved reliability and many earlier cars have had the issue sorted.
Ultimately, as long as the engine is maintained properly, there’s no reason why an MR2 can’t do 200,000 miles and more – and you’d enjoy every one of them. What a shame, then, that you won’t find an MR2 in Toyota showrooms today. Then again, who knows; perhaps the Japanese company is working on a sub-1000kg electric version that would breathe new life into one of the most underrated roadsters of our time?
2006 Toyota MR2
- Engine: 4-cylinder, 1794cc
- Transmission: 6-speed manual, RWD
- Power: 138bhp @ 5750rpm
- Weight: 1,030kg
THE HAGERTY VALUATION TEAM SAYS
- 2020 Hagerty value condition #2: £4100
- 2019 Hagerty value condition #2: £3650
- Hagerty 12-month value change: +£450 (12.3%)
How long can a car like the Toyota MR2 Mk III remain a secret? Even a rare unmolested example with Torsen LSD and six-speed gearbox will only set you back a few thousand pounds. Plus, with the exception of a couple of well-known mechanical issues, it has Toyota’s robust mechanicals and leather or Alcantara options make the interior not a bad place too. With our HPG ‘excellent’ value at just £4100, the roadster from Japan seems undervalued.
Thank you to Dean Smith for providing the photography used in this article.
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