1989 Toyota MR2 Mk I

2dr Coupe

4-cyl. 1587cc/122hp EFI

#1 Concours condition#1 Concours
#2 Excellent condition#2 Excellent
#3 Good condition#3 Good

$12,000*

-7.7%
#4 Fair condition#4 Fair

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Value Graph04/2407/2410/24$5k$10kJan 2025
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1984-1989 Toyota MR2 stats
Highest sale
$51,700
Lowest sale
$3,325
Most recent sale
$26,250
Sales
156

Photos

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Toyota MR2 Mk I Coupe
Toyota MR2 Mk I Coupe
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Model overview

Model description

At the 1983 Tokyo Motor Show, Toyota unveiled an interesting little sports car. It was a mid-engine, wedge shaped vehicle exactly like the supercars of the day, just on a smaller scale. After a few minor changes to the prototype, it soon went into production as the MR2 (Midship Runabout 2-Seater), although it was internally known as the W10. The MR2 was the first mass-produced mid-engine Japanese sports car and indeed one of only a handful of truly affordable mid-engine cars ever built.

Weighing in at about 2,300 pounds, the Toyota MR2 Mk I featured the 1,587cc 4A-GE twin-cam four found in the E80 series Corolla and the popular AE86. 0-60 mph took a little over eight seconds and the quarter-mile in the high 16-second range. While those are not earth-shattering figures, the MR2 was fast for a small, cheap sports car at the time and the it was among the quicker cars per dollar in the 1980s.

Things got even more interesting in 1986 with the introduction of a supercharged model, which Car and Driver called “deceptively quick.” Visually, it was distinguished by raised vents on the engine cover and small “Supercharged” decals that were fairly subtle, at least by ‘80s standards. The first supercharged car offered in the U.S. in two decades, the blown MR2 bumped up performance significantly. With 145hp and 140 lb-ft of torque, 0-60 dropped by over a second and top speed was 130 mph. For efficiency and in low load situations, the supercharger had a clutch system that disengaged it from the engine and an air-bypass valve allowed the air intake to flow around it. 1986 U.S. market cars also added a T-bar roof to the options list.

Over 160,000 Toyota MR2 Mk Is were produced before Toyota updated the range with the larger, faster and altogether more elegant W20 model for the 1990s. Many people of course credit the Mazda Miata with heralding the return of the small, fun, cheap sports car and adding Japanese reliability to the mix. The MR2 may not have ever developed the same enthusiastic following as the MX-5, but the Toyota beat the Mazda to it by several years.

When shopping for a Mk I MR2, the biggest challenge is simply finding a good one. Toyota made a lot of these cars, but they’ve always been cheap, so over the years many have been driven hard, heavily modified, crashed or left outside in the elements where they are known to rust in the usual spots. A clean, low-mileage example is a real find.

While the doorstop-like styling hasn’t aged particularly well, the MR2 is a very rewarding car to drive, plus it has the mid-engine cachet that you just don’t get with a Miata. The most collectible version is of course the supercharged model, although any solid first generation Toyota MR2 is worth owning.

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Common Questions

The value of a 1989 Toyota MR2 Mk I can vary greatly depending on its condition, mileage, options, and history. Typically, you can expect to pay around $15,500 for a 1989 Toyota MR2 Mk I in good condition with average spec.

The highest selling price of a 1989 Toyota MR2 Mk I at auction over the last three years was $51,700. The highest prices are usually reserved for rare or exceptionally well-maintained examples with desirable features or modifications and excellent history.

The lowest selling price of a 1989 Toyota MR2 Mk I at auction over the last three years was $5,670. The lowest prices are usually paid for examples that have extensive maintenance needs, differ greatly from their original configuration, or have accident histories or title problems.

In the last three years there have been 5 1989 Toyota MR2 Mk Is sold at public auction.

The most recent auction sale of a 1989 Toyota MR2 Mk I was $14,107 on March 20, 2024 by Cars & Bids.

Many factors can increase a car's value including excellent condition, exceptional originality, a recent restoration, low mileage, unique provenance, desirable options, popular or unique color choices, and excellent maintenance records. Upgrades and modifications that enhance performance or aesthetics can also add value.

Factors that can decrease a car's value include unusually high mileage, poor maintenance history, visible wear and tear, accidents or damage, title issues, and gaps in ownership history. Additionally, less popular color choices and extensive modifications that don't appeal to a broad audience can reduce value.

Mileage plays a significant role in a classic car’s value. Lower mileage usually increases value because it indicates a higher degree of originality, is rarer, and suggests less wear and tear. However, cars with exceptionally low mileage may also have maintenance needs due to lack of use. Whether someone should pay more for a vehicle with lower miles will depend on how they plan on using it, and the vehicle's specific condition.

The value of modified cars differs widely based on the type and quality of modifications. While some modifications can significantly increase value, especially performance enhancements and high-quality custom work, others may not add much or could even detract from the car’s value if they appeal to only a limited audience.

All prices shown here are based on various data sources, as detailed in About Our Prices. The Hagerty Price Guide is for informational purposes only and is not intended as financial advice. More information on how forecast models are calculated can be found on Forecasted Values page. For additional information and a complete description of benefits, visit hagerty.com/legal. Purchase of insurance not required for membership in HDC. Hagerty, Hagerty Valuation Tools & Hagerty Drivers Club are registered trademarks of The Hagerty Group LLC, ©2025 The Hagerty Group, LLC. All Rights Reserved. The Hagerty Group, LLC is a wholly owned subsidiary of Hagerty, Inc.