Toyota MR2: Why It’s Dubbed ‘The Poor Man’s Ferrari’
When the MKII Toyota MR2 was launched, it not only offered performance on a budget, but drawing styling cues from Ferrari meant that the second-generation MR2 was dubbed the “poor man’s Ferrari”. In 1989, the MR2 went through a big redesign, softening the straight lines of the MKI, and adding a larger and more comfortable interior. This meant the car weighed as much as 400 lbs more than its predecessor in some of the variants, but this was combatted by larger engine sizes and stronger suspension. But the thing people noticed the most about it was its uncanny resemblance to the Ferrari 348.
Design
Styling, more than anything else, put the SW20 on the “poor man’s Ferrari” map. Compared with the original MR2’s squared-off 1980s shape, the second-generation car looked sleeker and more exotic, with pop-up headlights, a low front end, and proportions that echoed the Ferrari 348. Its mid-engine layout, deep side air intakes behind the doors, prominent rear spoiler, and dark grille treatment on later versions completed the Italian-inspired look, giving enthusiasts a taste of exotic-car styling without the eye-watering price of a Ferrari.
The MKII is larger than the first generation, with a 3.2-inch larger wheelbase and 8.7-inch longer body, but it still remained low slung and looked every bit as sporty as its older sibling. The MR2 would go through numerous design changes over its ten-year production, with later models featuring large adjustable spoilers and a sharper rear.
In 1998, Toyota Racing Development offered an official body kit conversion that would replicate and pay homage to the TRD2000GT racing car, with a wider and more aggressive stance. The interior changed substantially from the MKI, with the dash following the curves of the exterior rather than the “pop-out” dash the first generation had. The MkII was offered with a fixed roof, removable T-top panels or a sunroof, depending on market and specification. In the U.S., the Turbo switched to the T-top configuration for the 1993 model year, while Toyota Technocraft produced a very limited run of full-convertible MR2 Spiders in Japan. Base models featured fabric seat and door trim with electric mirror adjustment, whereas options on some models included electric folding mirrors, steering fog lamps, two-stage air conditioning, and Alcantara leather seat and door trim.
Performance
Base models of the MKII were comparable to the first generation, but the turbo variants offered a substantial increase in performance, even over the supercharged MKI. The US domestic market received only two variants: the standard MR2, a naturally aspirated 2.2 L 5S-FE engine with 130 hp that was offered as a four-speed automatic or five-speed manual, and the MR2 Turbo, which featured a turbocharged 2.0 L 3S-GTE engine with 200 hp and at 6,000 rpm and 200 lb-ft at 3,200 rpm of torque.
While the Ferrari 348 packed a 296-hp V8, the four-cylinder MR2 Turbo wasn’t exactly eating its dust even with four fewer cylinders. In period testing, the 200-hp MR2 Turbo recorded a 6.3-second 0–60 mph sprint and a 14.8-second quarter-mile, compared with 6.0 seconds and 14.5 seconds for the Ferrari. The real kicker was the Toyota’s tunable 3S-GTE, which responded to boost and supporting hardware upgrades, giving owners a realistic route to outrunning a stock 348.
Neither the US domestic market nor the European market received the highest power MR2 produced, as the JDM turbo model had 218 HP and rose to 242 HP in November 1993. It was this stock Rev 3 GT-S Turbo that is said to have completed the 1/4 mile in 13.1 seconds, faster than the more expensive and higher-powered Honda NSX, Toyota Supra RZ, and even the Ferrari 348.
Driving
The MKII MR2 may have been heavier than the MKI, but with models ranging from just over 2,500 lbs to just under 2,900 lbs, they were still quite light compared to their competitors, and the higher-spec turbo models were specially built for performance. With a stronger gearbox with longer ratios, a larger fuel pump and radiator, and twin-piston front brake calipers, it’s no wonder that the Rev 1 Turbo could deliver 0.89g at the skidpad, with later revisions reaching as high as 0.94.
With a short-throw gearbox and nimble handling, the MKII MR2 felt firmly at home on windy roads, but early models were especially prone to snap-oversteer when weight transferred from the rear tires and drivers tried to correct it. It is for this reason that Toyota made changes to the suspension in January 1992 for the sake of “drivers whose reflexes were not those of Formula One drivers.”
Pricing And Collectibility
Apart from styling, perhaps the other biggest reason the MR2 earned its nickname was the price tag. In 1991, a base MR2 cost $14,898, and even the Turbo started at only $18,228. Prices climbed over the years, with the 1995 Turbo reaching $28,668. A Ferrari 348, meanwhile, carried a base price of about $101,050, making it several times more expensive than Toyota’s range-topping model.
Decades later, the Toyota remains the more affordable way into this mid-engine formula. Classic.com reports average sale prices of $21,852 for the SW20 Turbo and $82,123 for the Ferrari, which means the MR2 sits around 24% below its original MSRP, compared with a roughly 19% decline for the Ferrari. The MR2 has therefore held its value well, despite lacking Ferrari’s badge prestige, exotic V8, and exclusivity.
Verdict
The MKII Toyota MR2 and Ferrari 348 may share some styling cues and the mid-engine layout, but they follow completely different philosophies. Anyone who has driven a Ferrari before knows that they are leagues apart, and there is no comparison for the visceral rush you get when accelerating through the rev range of an Italian thoroughbred. That being said, a case can be made that the Toyota MR2 offers something that no Ferrari does: peace of mind. Many MR2 owners are cult fans who adore their cars, but they can enjoy them on a daily basis, without the headaches associated with daily driving a Ferrari.
The MKII MR2 benefits from Toyota’s legendary reliability, coupled with good looks and a drive that will keep you on your toes. It was a car that was made to be enjoyed, it wasn’t designed to be a collector’s car that stayed garaged. The MR2 is in the sweet spot of daily drivability and performance that you can exploit fully to its limit – even if it might scare you every now and then – and it is for this reason that we are big fans.
The New Toyota MR2: What We Know So Far
Toyota enthusiasts have spent years hoping for a new MR2, and the company’s latest moves suggest the wait could eventually pay off. Gazoo Racing president Tomoya Takahashi has confirmed that development is underway, but Toyota hasn’t officially unveiled a production model or guaranteed that the MR2 name will return. The 2025 trademark filings for GR MR2 and GR MR-S have nevertheless strengthened the rumors.
Another major clue is the GR Yaris M Concept, which debuted at the 2025 Tokyo Auto Salon with its engine relocated behind the driver. Its turbocharged 2.0-liter G20E four-cylinder is expected to form the basis of Toyota’s next generation of performance engines, with an estimated 400–450 hp in road trim. Some reports suggest a 2028 launch, but Toyota has yet to confirm a date.
Sources: Car and Driver, Classic.com
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