This is a very desirable sports car that is only going to appreciate in value. Lord knows that I looked for one before I bought my Saab 900 turbo and I probably should have kept looking.
The first gen MR2 isn't really fast in its stock, naturally aspirated version. It produces a whopping 112hp from the 4AGE motor sitting in the back. However it is a very balanced car (owing that to it's mid-engine design) that handles very well. Couple that with the fact that you can swap out the engine for some more powerful ones or get the supercharged one and you have a true enthusiast car. Some V6s even fit in the back and although that will definitely raise your investment, it's something you can always do in the future.
This roadster, the first generation being from 1984 to 1989, is fun to drive and reliable. And it's mid engine! Did I mention that? And it usually comes in red. Has anyone noticed that? Why is that? Did Toyota make 90% of their production vehicles red? I digress.
I should add that when I say this car is reliable, well it is, but it's also old so you will be better off if you have some skills as a mechanic. It's just a problem with old cars. Gaskets and other plastic and rubber components get dry-rot over that 20+ year period so the car might develop vacuum leaks, leaks in general, and sensors will start going out. It will mostly be small things which are cheap to repair if you do it yourself. Look for a car with the timing belt done if it's high mileage unless you don't mind changing it out yourself.
The simple truth is that this car is high on the list of desirable cars on pretty much any car enthusiast's list. It has a huge aftermarket, can be kept reliable or made a rocket, and right now it's cheap. It's mid-engine, something that is rare to see to this day in anything other than exotic cars. These are qualities that make the MR2 a fine automobile and are also starting to have an effect on the price. These cars will probably be selling for ten grand in good condition in less than ten years. I can pretty much guarantee you that.
The supercharged version sells for a little more but you can still find a high mileage example for a good price (under our $3,000 budget). Those come with a respectable 145hp considering the car weighs 2,200lbs. They also have more potential and some cars are making 300hp with some investment. In that package, that's a huge amount of power.
Because this is a car from the 80s, you should probably not buy this car if you don't know how to work on cars or are willing to learn like I mentioned before. You can take it to a mechanic every time something comes up but that's going to kill your money. If you are a GOOD mechanic, you can turn this car into a rocket.
That V6 I mentioned comes from the Toyota Camry if I'm not mistaken and makes something like 190hp stock. I'm going off of memory here so I might be wrong. There's one thing this car offers that is hard to come around - the relative ease of swapping different engines into it. Couple that with the mid-engine design and you have something with tons of potential.
I hope it is obvious by now why this car is already going up in price. If you have ever wanted to and are in the market for a sports car, you should definitely consider the first-gen Toyota MR2. It's not only a great car but right now it is an investment opportunity. Of course, you're not going to become rich from it but you should make a healthy six grand profit if you kept it for ten years. I pulled those figures out of my a** but to be honest, I really think this car will hit that price in that time period.
What's interesting is that you can almost get a second-gen MR2 with that money. Some are going for 3-4k. Will the first gen actually become more valuable? That would be interesting to see.
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PS. I should be fixing my hood today and I think I found a way to change the hood hinge without removing the fender. How much time does that save?! I also have to rig a new latch until I fix the radiator support which I have already come up with and I will also be installing hood pins. In other news about my car, I am in the process of re-doing the floor in the back and I am extremely excited to show it to you guys along with a tutorial for both of these things I mentioned.
Temporary "hood latch." (One of two ideas for the latch I have to rig, not counting the hood pins which will be the main thing holding the hood down.)
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