Fun Stuff: Is a New Toyota GR 86 Worth 3 Times as Much as an Old MR2?

Yes. The new GR86 is quicker and far safer, and it's worth every penny that separates it from my 1986 Toyota MR2. The old car still wins on character. Nothing new feels this connected. At 2027 pricing, a base GR86 lists at $33,400, about 2.2 times the $15,000 my MR2 has cost me so far.

Key Takeaways

• The 2027 Toyota GR86 starts at $33,400 MSRP in Canada, about 2.2 times the $15,000 I've spent buying, shipping, and repairing my 1986 MR2.
• The GR86 makes 228 hp, about twice my first-generation MR2's 112 hp, and weighs about 21 per cent more (1,275 kg vs 1,050 kg).
• MR2 stands for "midship runabout 2-seater," and Toyota calls it Japan's first mass-produced mid-engined car. It went on sale June 8, 1984.
• Every 2027 GR86 comes standard with seven airbags, anti-lock brakes and traction control. My MR2 has none of them.
• Toyota built three MR2 generations through 2007, and the third-generation MR2 Spyder was never sold in Canada.
• Any MR2 is now old enough to import under Transport Canada's 15-year rule, but your province still decides whether it can be registered.

What Is the Toyota MR2?

The Toyota MR2 is a small two-seat sports car with its engine behind the seats, built from 1984 to 2007 and still an enthusiast favourite.

Midship Runabout 2-Seater: Japan's First Mid-Engined Sports Car

Toyota's own heritage records say the MR2 went on sale on June 8, 1984, as Japan's first mass-produced compact car with a midship engine layout. The name stands for midship runabout 2-seater.

Toyota developed the original MR2 much like the Pontiac Fiero, as a "sporty commuter" with easy entry and useful luggage space. Buyers saw both as sports cars anyway.

Japanese buyers could choose a 1.5-litre engine borrowed from the Corolla or a 1.6-litre DOHC 16-valve inline-four, with a five-speed manual or a four-speed automatic. The supercharged MR2, with a Roots supercharger, arrived in summer 1986 alongside an optional T-bar roof.

Three MR2s: Every Generation From 1984 to 2007

The first MR2, model code AW11 in Toyota's records, was a wedge. AutoTrader's Find of the Week on a 1991 MR2 Turbo credits Lotus with the original car's suspension tuning.

Per the same piece, the second generation arrived in North America in 1991 with curves that drew comparisons to Ferrari's 348, 245 mm of extra length, suspension input from racer Dan Gurney, and a 200-hp turbocharged 3S-GTE engine. Early cars could snap into oversteer, so Toyota tamed the second-generation MR2 in 1992.

The third generation went the other way: Toyota UK calls it a smaller, lighter, and cheaper open-top roadster, sold as the MR-S in Japan. Production ended in 2007.

Dollars and Cents: Old MR2 vs GR86

Half a decade before Mazda's Miata got credit for saving the modern sports car, Toyota gave us the MR2, a fuel-crisis idea that a sporty car could be cheap and deliver decent fuel economy.

Back then it sat beside a sporty Corolla GTS, the Celica and a range-topping Supra. Today the GR86 plays the same featherweight role beside the GR Corolla and Supra. Does it show 40 years of progress, and does it warrant more than twice the cost?

I asked a similar question a couple of years ago when wondering if I'd made a smart choice buying an old BMW M Roadster instead of a new Mazda MX-5 Miata. I decided the old car was the smarter buy at half the cost. Then I sold it.

This time the gap is bigger, in price and in age. Let's face facts: the new GR86 is absolutely better than the old MR2 and worth every penny that separates the two.

Tally up the purchase price, the cost of hauling it home to Ontario from three provinces away, and significantly more money for repairs than I had expected, and this MR2 has made a $15,000 dent in my wallet. Back in '86, my MR2's list price was $15,168. Adjust that for inflation to 2026 dollars, and it's roughly $38,000, more than a new base GR86 costs today.

The GR86 I drove was the 2023 GR86 10th Anniversary Special Edition, with fancy wheels and decals to justify its $39,950 price in 2023. Only 20 came to Canada. A 2027 GR86 is easier to find and cheaper: $33,400 for the base car, according to Toyota Canada.

The GR86 is also dripping with decadence next to the spartan MR2, with air conditioning, power windows and power steering, plus a (barely usable) back seat. The MR2 offers all the crash structure of a cardboard box. I'm reminded every time I close its tinny door.

Airbags? Traction control? Anti-lock brakes? Not for Mister Two, thank you.

Still, the GR86 can't match the MR2's lift-out sunroof, saucy pop-up headlights, or trunk-plus-frunk cargo space. Nor can it play my K-tel cassettes.

1986 Toyota MR2 vs 2027 GR86: Engine, Transmission and Specs

Here's the GR86 vs MR2 matchup on paper. Toyota Canada pitches the GR86 as a descendant of the AE86. AutoTrader's 10th Anniversary review traces it back a decade to the Scion FR-S.

	1986 Toyota MR2 (my car)	2027 Toyota GR86 (base)
Layout	Mid-engine two-seater	Rear-wheel drive 2+2 coupe
Engine	1.6 L twin-cam 16-valve four	2.4 L naturally aspirated boxer four
Power and torque	112 hp	228 hp, 184 lb-ft
Transmission	Manual	Six-speed manual or six-speed automatic
Weight	1,050 kg	1,275 kg (manual)
Price	$15,168 list in 1986	$33,400 MSRP ($36,412 estimated with fees)
Airbags, ABS, traction control	None	Seven airbags, ABS and traction control standard

GR86 figures from Toyota Canada's 2027 GR86 release (Aug. 4, 2026), accessed Sept. 29, 2026. MR2 figures are for my car, built for North America.

Compare the GR86 With Other Sports Cars

Weighing a GR86 against its rivals? Line up specs, trims, and Canadian pricing side by side.

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Retro Style for the Win

Admittedly, the GR86 grabs my eye. This 10th Anniversary Edition wears Solar Shift orange with C-pillar stickers akin to an armband barbed-wire tattoo. Next to its ancestor, it looks bulky and muscular.

The diminutive Toyota had enough exotic cachet to be taken seriously despite 14-inch "triangle" wheels that resemble a fidget spinner. Ferrari-red paint and a giant spoiler surely helped. While the GR86 resembles a 5/8-scale Supra, the MR2 looks more like a Bertone X1/9 than anything in the Toyota lineup.

It's so obviously '80s that it's cool again. To the father I overheard telling his son it was a Pontiac Fiero: please, sir, educate yourself.

Inside, blocky bins house the gauges, and the seats wear jumpsuit-sexy two-tone velour. The GR86's cabin is decidedly ordinary by comparison. And look! Steering wheel controls! Such gratuitous excess.

The Drive: Mid-Engined Charm vs Modern Grip

Two small, lightweight sports cars. Four decades apart. It shows.

The GR86 settles into a gruff idle, minus the old "boxer" rumble, since its Subaru-built engine lost the unequal-length headers. Throttle response is snappy. The clutch has a definitive catch point, and the brakes are strong.

The steering is Ginsu sharp. Summer rubber grips like Velcro, and with only 228 hp, the GR86 is properly quick and tremendous fun at the limit on tight, twisty roads.

With less than half the power from its 1.6-litre engine, my MR2 is quicker than my lawn tractor, but only just. Road tests of the era clocked it at zero to 96 km/h (zero to 60 mph) in the high eights. The Supra of the day? Only a half-second quicker. The Porsche 944 was no better. It's just as well. The speedometer needle fell off the other day.

At 1,050 kg, the MR2 was considered heavy for its size, thanks to five lateral bulkheads Toyota fitted for stiffness. Out of town is where it shines. The 16-valve, twin-cam, fuel-injected engine was an advanced piece of kit when new, and its 7,200-rpm redline was quasi-exotic.

With little sound insulation, the engine bay behind my shoulders becomes a beehive agitated by a hungry bear. The flywheel feels like a paper plate, so a toe on the throttle will rev it for a clean downshift, and the gearbox never balks at being hurried.

There's a connectedness here that simply does not exist in any modern car.

The unassisted steering needs an arm workout when parking, then goes light above a jogging pace. The ratio is quick, but with 40-year-old bushings and marshmallow 60-series tires, the precision is lacking.

The GR86 carries speed so easily that corners demand real braking. In the MR2, a quick stab of the brakes and a downshift is enough. It's a different kind of fun.

Buying a Vintage MR2 in Canada Today

A vintage MR2 is an affordable way into classic mid-engined driving, but a 40-year-old car in Canada comes with 40 years of winters.

What to Check on a First-Generation MR2's Body and Suspension

I bought mine in Nova Scotia without a proper mechanical inspection and paid more in repairs than I expected. Before you buy a first-generation MR2, check these:

1. Rust: look under the chassis and around the body seams, since road salt is the real enemy of any 1980s car.
2. Bushings, shocks, and tires: old rubber dulls the handling long before anything breaks.
3. Parts: some are getting scarce. MR2 owners' clubs are a good lead.
4. History: a CARFAX Canada vehicle history report covers accident, damage, and lien records.
5. Inspection: pay a mechanic who knows old Toyotas before you commit.

Importing a JDM MR2 Under the 15-Year Rule

Eyeing a Japan-market MR2? Transport Canada says vehicles 15 years or older, measured by month and year of manufacture, aren't regulated by the Motor Vehicle Safety Act at import. Because production ended in 2007, every MR2 now clears that bar.

The car still has to meet Canada Border Services Agency requirements, and your province sets its own licensing rules, so check with your registrar before you buy a JDM car.

Shop Used Toyota Sports Cars on AutoTrader.ca

Hunting for an MR2 or a used GR86? Filter by model year, kilometres, and price across Canada.

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Final Thoughts

Each of these cars is an acquired taste. Scarce parts make driving the MR2 regularly stressful. I plan to anyway.

Toyota deserves hearty applause for still offering a true lightweight, rear-wheel-drive sports coupe when most drivers don't even want to drive. The GR86 is a genuine driver's car with modern comfort and safety.

So, Is the GR86 Worth Three Times an Old MR2?

On paper, the gap has narrowed. At $33,400, today's base GR86 costs a little over twice what my MR2 has cost me, with airbags and double the power thrown in. The GR86 may truly be worth three times more. Being able to drive either one is the real reward.

If you already own the old one, the smart move might be keeping it.

Find Out What Your Old Sports Car Is Worth

Thinking of trading up to a GR86? See your car's value in minutes, no account needed.

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Sources

Accessed October 1, 2026

• Transport Canada: Importing Older Vehicles into Canada
• Transport Canada: Importing a Vehicle From Countries Other Than the United States and Mexico
• Toyota Canada: What's New: The 2027 Toyota GR86
• Toyota Motor Corporation: 75 Years of Toyota, Vehicle Lineage: MR2
• Toyota Motor Corporation: Towards a Future of One-of-a-Kind Cherished Vehicles Aligned with Personal Values
• Toyota UK: History of Toyota Sports Cars: MR2
• AutoTrader editorial:
  • Find of the Week: 1991 Toyota MR2 Turbo
  • Is a New Mazda MX-5 Worth Twice as Much as a 20-Year-Old BMW?
  • I Bought a 37-Year-Old Car From 3 Provinces Away
  • 2023 Toyota GR86 10th Anniversary Special Edition Review
  • Toyota Says It Will Bring Back the MR2
  • Find of the Week: 2000 Toyota MR2 Spyder