Help me value an aw11 MR2

So I "won" my first BAT auction for an '89 MR2, but it didn't meet reserve at $15,250. The seller is local-ish (2 hours north), so I'm going to see it in person tomorrow to get a better feel and see if we can work out a deal. That's where you all come in. He set the reserve at $20k, which is way high in my opinion, and frankly I'm surprised that BAT let that fly (if he's being truthful). Comps on these cars seem pretty variable, but if I use BAT as a guide, I figure the final auction price was pretty close (and by definition, that's the market). There are cars with fewer miles that sold for a bit more, higher for a bit less.

What set this example apart for me was the t-tops (open air driving), color (these look good in white, but I prefer red/blue/greens for a toy when possible), and most importantly, condition. It appears on the cleaner end of what I've been seeing for a driver and what made this a 15k car instead of a 10k car in my mind. Honestly typing that out, it still feels high, but I know we're in a different world then 5 years ago and MR2's seem to be on the rise, so i've been doing my best to re-calibrate. 

If your curious, I'm in the market because I want a toy. Something that is pure fun on a tight virginia back road, something I can drive hard without getting into arrest-me territory. It doesn't need to get me to work, but i've got enough projects so I'd rather buy a nice condition example than a rougher one. My only real no-no is rust, and this appears to be pretty much rust free (pending inspection). 

What does the hive think the market should for a car like this? I know it's not $20k. My gut tells me that if it's as clean as advertised & drives well, it's probably a $16k car, but maybe I'm just caught up in the BAT everything is an undervalued collectible masterpiece fervor and need to let this one go. 

1989 Toyota MR2 5-Speed for sale on BaT Auctions - closed on August 25, 2023 (Lot #118,169) | Bring a Trailer

Yeah I think a $20k reserve is a crackpipe price, not even meeting it on BaT proves it. Meet up and see if the guy wants to take the previously bid price, if not, let him rub diapers on it in his garage forever - again, if nobody on BaT will meet his price, nobody on earth will.

Make sure all of the wiper positions work.  For a normally aspirated car, that seems an insane price.  

I had the same color combo in a '88 MR2 SC that I owned from '00-'04.  Same cloth black seats.  This is a very good looking car. 

I have no answer on value but I'll spew some MR2 knowledge and what I see in pictures.  

#1 I did a super zoom and it seems that the date code on the tires read 0103 or that the tires were manufactured in the first week of 2003...20+ years ago.  Ergo, budget for tires if your going to make the car a driver.  Furthermore, being 14" wheels see what tires are even available.  If you mover to 15" tires you will have more choices but that then means to budget for wheels also.   

T-top seem cool and all SC cars had T-tops but in reality, driving with them off makes for a very buffeted interior.  The air does a great job of getting into the cabin but then does a bad job of that same air getting out of the cabin.  Due to the solid rear window, the air can not pass through.  
Not mentioned but seen in a few photos, the car does have the t-top shades.  These are very nice to have.  The glass doesn't have that much tinting and these shades do a great job of keeping heat out.  

All t-top MR2s have a power antenna on the rear fender.  These are prone to failure of the up/down motor.  I replaced mine with an aftermarket fixed mast unit.  But being fixed the unit then does get in the way if you are leaning over to get in the engine bay.  I just left my mast finger tightened and therefore if needed I could just spin off the mast if I needed to.  

Driver's side AC vent is busted.  Should match the passenger side with positioning knob in the center.  
In this picture you can also see the passenger t-top shades in place.
The shift knob is not original but it is very nice.  The original is rather phalic looking.  I replaced the shift knob in mine too.  
The hand brake, due to its upright position, seems "out of adjustment."  I seem to remember mine engaging at a more 45 degree angle.  
Rare to actually still have the ash tray.  These are often misplaced.  But, if you remove it the remaining cavity is a nice place to store your phone.

The trim around the HVAC and Radio is very delicate.  This squarish piece gets abused by the driver's right knee to pull it off it's mounting clips.  It is screwed on at the top and clips at the bottom.  Sun also tends to crack/split the soft vinyl exterior.  If you can even find a good used one, its gonna be expensive.    

Being a '89 (last year) the car does have the "one year only" LED rear spoiler which is/was a highly desirable product.  For '85 there was no 3rd brake light and then in '86 it became law but the '86-'88 third light is a box mounted under the spoiler that looks more "add-on."  For '89 the third light is both integrated and LED.  

Since you are reasonably close, I recommend to go test drive the car.  It may help you figure a value.  

When driving it, I remember that mine, with 88k miles was developing a relatively common but frustrating problem.  The front end would get "wonder-y".  I checked every component and all was new/good/fresh.  The problem actually is worn bushing inside the steering rack.  The solution is rebuilding the rack with new bushing kit.  I have no idea if that kit still exisits.   

What are the BaT auction fees? Is it correct to assume the seller won't pay fees since it didn't sell via BAT? That might work into the price calculus. 

In reply to John Welsh :

Is that over spray on the dash??? Or a reflection?

At the car now. It's well represented in the pictures, no discernable rust, just some of the surface corrosion on bolt ends and the body stamp hole shown in the photos. I peeled off the edge of the back flare, looks clean under there, as well as under the frunk trim. I don't have the proper tools to pull the trunk trim, but from a body perspective, thumbs up.

No overspray or evidence of body work. DS vent is broken as noted, so is the plastic light switch. Shift pattern on the console is worn, shift boot is in poor shape, driver's window doesn't go all the way down, but otherwise a very clean driver quality car, not a museum piece (and I'm looking to drive it, so that's ok).

About to go for a drive. Clearly has some needs, old bushings, 20 yr old tires as noted (starting to show cracks, it's beyond time), no evidence of a timing belt (due at 60k on these). I'll report back post drive and I'll make sure I test out the t-top buffeting, that would probably be a deal breaker to be honest, so thanks for the heads up.

My concern about the tires is not the tires. 
 

Does the date code also indicate that this car has been sitting undriven for 20 years?

The worst thing you can do for a car is let it sit. 
 

I think $20K is nuts. 

...and regarding the tires, "starting to show cracks" is not the issue. Even if they look brand new, they have aged out. They need replacing. 

Listing says "dealer acquired in May 2023"

Its a dealer. He's only owned it a few months. He's flipping it. 

Correct on all, a dealer, acquired in may.

TLDR, I walked. Brakes need love (pedal soft to start, pills under hard breaking), loose front end (no rattles, just worn feeling), same for suspension. AC is weak, engine feels like it needs a tune up, ran well but didnt feel very willing or as evervescent as I would expect.

Overall, really clean survivor that has about $4k in deferred maintenance to get to solid weekend driver status.

I told hin 20k is way off, it's a 12k car with the work it needs, at the 15 I "won" it at, I'd be a bit disappointed but I'd fix it and forget, but knowing up front that's still too high. I left it at $13k and I'm here with a trailer, he declined.

Claimed he had an offer (and admitted it wasn't vetted) at 18k, I said no way.

Too bad, I liked it, just too far apart on price.

There's a good chance he'll be calling you back later.

In reply to Fupdiggity (Forum Supporter) :

You made the right decision. 

Not sure its a jerk move, but I would post your review on BaT in case it resurfaces there and the future buyer knows what he is getting into or makes sure its been corrected. I would appreciate that info as a bidder. 

In reply to Slippery :

I was panning on putting my thoughts on BAT as it think it's fair game. I also plan on noting the apparent reserve, as if true, is ridiculous that BAT would agree to it.

In reply to Fupdiggity (Forum Supporter) :

My guess its that, being a dealer, he promised BaT more cars contingent on them accepting this insane reserve. 

For the second time, as I read the title, I thought, "Why would you want an awful MR2?"

I miss my MR2s and would love to get a Gen 1 for nice days.  But this price just doesn't make sense.  I agree with your valuation 12K is fair, just may need to keep looking for the right one.

hahaha having owned one, I would never ever pay anywhere near that for another one. It was a fun car, sure, but nowhere near $15k. If that's what they go for now, I won't ever own another one, and I won't be sad about that. I'm into my current car for way more, so it's not lack of funds holding me back, there's just no way I could justify paying that much, even for a S/C car

GameboyRMH said:

 if nobody on BaT will meet his price, nobody on earth will.

ding ding ding!  BaT is the extreme high end of what people are willing to pay for a car. For you to be the winning bidder and be that far off, tells you the seller's reserve is way, way out of line. 

Everyone likes to talk about "market value", until the market value isn't in their favor

Good for you for walking away. It's hard to do. One time I found myself standing at the airline ticket counter trying to figure out how to get home when the fly and drive wasn't close to being as described. It's so hard to walk when you want it but you dis the right thing. Your valuation is way more reasonable for an imperfect car. 

I think you got really lucky that you didn't win the car.  This way you were able to inspect it first and make a reasonable offer for you.  I've found BaT to be very protective of the reserve prices and not let the sellers place an overly high reserve.  They want the car to sell and pressured me to accept a much lower reserve on my LSx 944 than I was willing to accept, so they then declined to take my listing.

I have owned several Mk1 MR2s.  No amount of nostalgia could push me to $15k for one unless maaaybe it was supercharged and had zero stories.  Keep shopping - you should be able to find exactly what you want for $15k.

If you like it, keep your cash handy - he might give you a call sometime soon when nothing else seems likely. 

20k is NUTS

That car was traded at a dealer here in MD and was sent to auction.  He's trying to make all of the $$.  Even your offer of $12k was plenty

Streetwiseguy said:

For the second time, as I read the title, I thought, "Why would you want an awful MR2?"

Just came here to post this.