After the enormous success of the first generation MR2 which launched in 1984, Toyota had big shoes to fill with its successor. Kazutoshi Arima, the chief engineer for the Mk2 project, wanted to take the nameplate upmarket and make it more exotic.
The design of the SW20 MR2 was handed over to Kunihiro Uchida who turned it into something that resembled a scaled down Italian super car, and many would even label the vehicle as a “baby Ferrari”.
Sales of the new, much larger MR2 began in Japan in October 1989, around five and a half years after the launch of the SW10. Like the previous model, Toyota put great emphasis on the handling and driving characteristics of the car. They hired a number professional racing drivers such as Dan Gurney to fine tune the cars setup.
The excellent chassis was combined with a range of powerful engines with the top model now featuring a turbocharger instead of a supercharger. Depending on the power unit, power output ranged from around 130 horsepower all the way up to 242 horsepower for the turbocharged unit.
The massive power increase helped to negate the extra weight, and, as such, performance of the turbocharged models was as high or higher than many more expensive Japanese sports cars. But just how much did the Toyota MR2 Mk2 cost new and what is that in today’s money?
At launch, the cheapest MR2 was priced at around 1,820,000 with the most expensive turbocharged model coming in at around ¥2,778,000. To help you get a better understanding of the price, we have put together a guide on the different prices of the SW20 MR2 for the different model years and models.
The prices are based on what the MR2 Mk2 cost new in Japan and we have converted them into USD. We then went one step further to convert those prices into today’s money, so you can really compare them to what’s on offer today.
Toyota MR2 SW20 Original Price in Japan
Toyota MR2 SW20 – from October 1989
Exchange rate of 1 United States dollar to Japanese yen is 141.35 (taken from October 1989).
| Model | Chassis | Engine | Trans | Price in Yen (¥) | Price in USD ($) | 2020 Price ($) |
| G | E-SW20 | 3S-GE – 165ps (121kW) | 5MT | 1,820,000 | 12,876 | 27,162 |
| G | E-SW20 | 3S-GE – 165ps (121kW) | 4AT | 1,913,000 | 13,534 | 28,550 |
| G Limited | E-SW20 | 3S-GE – 165ps (121kW) | 5MT | 2,155,000 | 15,246 | 32,162 |
| G Limited | E-SW20 | 3S-GE – 165ps (121kW) | 4AT | 2,248,000 | 15,904 | 33,550 |
| GT | E-SW20 | 3S-GTE – 225ps (165kW) | 5MT | 2,778,000 | 19,653 | 41,459 |
Toyota MR2 SW20 – from April 1991
Exchange rate of 1 United States dollar to Japanese yen is 137.85 (taken from April 1991).
| Model | Chassis | Engine | Trans | Price in Yen (¥) | Price in USD ($) | 2020 Price ($) |
| G Limited Super Edition | E-SW20 | 3S-GE – 165ps (121kW) | 5MT | 2,444,000 | 17,729 | 34,051 |
| G Limited Super Edition | E-SW20 | 3S-GE – 165ps (121kW) | 4AT | 2,537,000 | 18,404 | 35,346 |
Toyota MR2 SW20 – from December 1991
Exchange rate of 1 United States dollar to Japanese yen is 127.7 (taken from December 1991).
| Model | Chassis | Engine | Trans | Price in Yen (¥) | Price in USD ($) | 2020 Price ($) |
| G | E-SW20 | 3S-GE – 165ps (121kW) | 5MT | 1,962,000 | 15,364 | 29,508 |
| G | E-SW20 | 3S-GE – 165ps (121kW) | 4AT | 2,057,000 | 16,108 | 30,937 |
| G Limited | E-SW20 | 3S-GE – 165ps (121kW) | 5MT | 2,279,000 | 17,847 | 34,276 |
| G Limited | E-SW20 | 3S-GE – 165ps (121kW) | 4AT | 2,372,000 | 18,575 | 35,674 |
| GT-S | E-SW20 | 3S-GTE – 225ps (165kW) | 5MT | 2,505,000 | 19,616 | 41,381 |
| GT | E-SW20 | 3S-GTE – 225ps (165kW) | 5MT | 2,842,000 | 22,255 | 46,948 |
Toyota MR2 SW20 – from October 1993
Exchange rate of 1 United States dollar to Japanese yen is 107.05 (taken from October 1993).
| Model | Chassis | Engine | Trans | Price in Yen (¥) | Price in USD ($) | 2020 Price ($) |
| G | E-SW20 | 3S-GE – 180ps (132kW) | 5MT | 2,092,000 | 19,542 | 35,377 |
| G | E-SW20 | 3S-GE – 170ps (125kW) | 4AT | 2,169,000 | 20,262 | 36,679 |
| G Limited | E-SW20 | 3S-GE – 180ps (132kW) | 5MT | 2,244,000 | 20,962 | 37,947 |
| G Limited | E-SW20 | 3S-GE – 170ps (125kW) | 4AT | 2,337,000 | 21,831 | 39,520 |
| GT-S | E-SW20 | 3S-GTE – 245ps (180kW) | 5MT | 2,590,000 | 24,194 | 43,798 |
| GT | E-SW20 | 3S-GTE – 245ps (180kW) | 5MT | 2,829,000 | 26,427 | 47,839 |
Toyota MR2 SW20 – from January 1995
Exchange rate of 1 United States dollar to Japanese yen is 99.2 (taken from January 1995).
| Model | Chassis | Engine | Trans | Price in Yen (¥) | Price in USD ($) | 2020 Price ($) |
| G Limited Bilstein Package | E-SW20 | 3S-GE – 165ps (121kW) | 5MT | 2,337,000 | 23,558 | 40,436 |
| G Limited Bilstein Package | E-SW20 | 3S-GE – 165ps (121kW) | 4AT | 2,430,000 | 24,496 | 42,045 |
Toyota MR2 SW20 – from June 1996
Exchange rate of 1 United States dollar to Japanese yen is 107.97 (taken from June 1996).
| Model | Chassis | Engine | Trans | Price in Yen (¥) | Price in USD ($) | 2020 Price ($) |
| G | E-SW20 | 3S-GE – 180ps (132kW) | 5MT | 2,135,000 | 19,774 | 32,967 |
| G | E-SW20 | 3S-GE – 170ps (125kW) | 4AT | 2,228,000 | 20,635 | 34,403 |
| G Limited | E-SW20 | 3S-GE – 180ps (132kW) | 5MT | 2,360,000 | 21,858 | 36,441 |
| G Limited | E-SW20 | 3S-GE – 170ps (125kW) | 4AT | 2,453,000 | 22,719 | 37,877 |
| GT-S | E-SW20 | 3S-GTE – 245ps (180kW) | 5MT | 2,713,000 | 25,127 | 41,892 |
| GT | E-SW20 | 3S-GTE – 245ps (180kW) | 5MT | 2,955,000 | 27,369 | 45,629 |
Toyota MR2 SW20 – from December 1997
Exchange rate of 1 United States dollar to Japanese yen is 129.66 (taken from December 1997).
| Model | Chassis | Engine | Trans | Price in Yen (¥) | Price in USD ($) | 2020 Price ($) |
| G | E-SW20 | 3S-GE – 200ps (147kW) | 5MT | 2,150,000 | 16,582 | 27,025 |
| G | E-SW20 | 3S-GE – 200ps (147kW) | 4AT | 2,243,000 | 17,299 | 28,194 |
| G Limited | E-SW20 | 3S-GE – 200ps (147kW) | 5MT | 2,375,000 | 18,317 | 29,853 |
| G Limited | E-SW20 | 3S-GE – 200ps (147kW) | 4AT | 2,468,000 | 19,034 | 31,022 |
| GT-S | E-SW20 | 3S-GTE – 245ps (180kW) | 5MT | 2,713,000 | 20,924 | 34,102 |
| GT | E-SW20 | 3S-GTE – 245ps (180kW) | 5MT | 2,955,000 | 22,790 | 37,144 |
How Much Does a Toyota MR2 SW20 Cost Today?
Like many other Japanese sports cars from the period, the second generation Toyota MR2 has become somewhat of a classic. Prices are not as crazy as something like a Mk4 Supra or Nissan GT-R, but they are definitely increasing.
According to data found on bringatrailer.com, prices for R32 GT-Rs tend to range from around US$10,000 to upwards of nearly $40,000. Cars at the top end of the price range tend to be turbocharged models with very low mileage. The average price sits around the $15,000 mark at the moment, but it is increasing as in 2017 the average was around $10,000. However, keep in mind that prices will vary depending on where you live in the world.
If you are looking for a Japanese classic and aren’t prepared to pay fork out the significant sums for something like a Supra, the Mk2 MR2 is a great option. We have a complete buyer’s guide for the SW20 MR2, so if you are interested in purchasing one of these cars make sure you check it out.
