The stock blow-off valve sometimes leaks, which causes a number of problems such as hesitation and even preventing the engine from starting. The unanimous solution is to buy another stock BOV rather than to go the aftermarket route. Refer to www.mr2oc.com to find out why.
The airflow meter on the MR2 Turbo is very sensitive and problems with it are likely to be more apparent under high boost conditions. Check for proper operation of the $600 sensor using the Toyota manual.
The parking brake itself is likely to seize in cold climates-this is a result of the boot having cracked, which in turn allows water to enter and freeze to the cable, preventing the calipers from disengaging. Either replace the cable and boots or don't use the parking brake in below-freezing temperatures.
The T-top seals are likely to leak due to sun exposure and age. Check this with a garden hose as some leaks will not appear in rain. New seals can be had from Toyota or other creative solutions can be found on www.mr2oc.com.
Like any older turbocharged car, the MR2 Turbo is likely to leak a little oil out of its turbocharger, but look for crusty oil built up at the compressor nozzle of the turbo and on the intake piping between the rubber couplers. If there is excess oil in the piping, the turbo is probably dead, and it's not cheap.
Like any car of this vintage, the seat bolsters are likely to have experienced substantial wear, especially on leather-clad models. The driver's side is likely to have taken a bigger hit simply because it's used more than the passenger side.
The parking brake and shifter cables have been known to stretch, causing a malfunctioning parking brake and a notchy shifter, which can keep the gearbox from shifting at all into some gears. New cables are the only solution and they're no fun to install, so check for proper operation before buying.
Turbocharged cars came with a slightly raised engine lid, while the engine cover on naturally aspirated cars stayed flush with the trunk.
Normally aspirated MR2s are likely to experience some oil leakage through the valves, which results in some oil burning, particularly at startup. The solution? Put your man-pants on and add more oil.