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I've had 2 of them, both 1991 models. Made the mistake of selling the second one (a loaded low mileage turbo example) in 2012. It brought around $13,000 then - today it would be worth well over 20k.
I remember visiting Javier Quiros at his Toyota dealership in Costa Rica and he had a gorgeous MR2 Supercharged in the garage (that I'm sure was heavily modified).
I still think TMC's biggest mistake was not bringing the GRMN Hybrid Sports Concept II to fruition, even if it was based on the 3rd gen.
I'll agree with the OP on one thing......the 3Gen version was a joke compared to the 2Gen version he is talking about, which, IMO, was clearly the best of the three.
Toyota rocked when they developed the 1985, 1st-gen MR2 and did it again in 1990 with the 2nd-gen model. These were a couple of fast, fun affordable sports cars for their day! After a 10-year hiatus, they lost their way with the 3rd-gen MR2. I believe Toyota misinterpreted the non-success of the 3rd-gen car, and decided the market no longer existed for an affordable, reliable, two-seat, sports car. I contend it was the design of the car that slowed sales, not the concept. So, when they decided the only way to build another profitable/affordable sports car was by partnering with Subaru to make the BRZ/Scion FR-S, I think they were wrong. To add insult to injury, they pulled the same stunt with the new Supra. Sure, the (now) Toyota 86 and Supra are really good sports cars, but, they aren't pure Toyotas, which is what their fan-base longs for.
I believe the market is still there for a pure Toyota, affordable sports car, assuming they can still build-in that legendary reliability they're known for. Mazda did it with the Miata, so can you Toyota! I'll bet, however, that low sales/profits from the 86 and the Supra poison the well even further for a chance of ever seeing a return to the glory days of Toyota sports cars.
I'll agree with the OP on one thing......the 3Gen version was a joke compared to the 2Gen version he is talking about, which, IMO, was clearly the best of the three.
Agreed, the 3rd gen was kind of ugly, didn't have a trunk(Miata has a trunk, small but it works), and was sold with a lame engine. I dunno why Toyota didn't fit the 190hp, 8500rpm redlined 2ZZ engine in that car, I mean they sold that same engine to Lotus to put in the Elise, would have made that kind of mishapen car a real thrill to drive at least.
The 1st gen MR2 is the one that really does it for me though. Love the weird oragami styling, you aren't going to mistake for anything else on the road. Plus its light(2200lbs), the 4A-GE engine doesn't make a ton of power, but man its fun to rev the nuts off it and it makes a glorious sound about 6" away from your ear holes.