The 1993 Toyota MR2 saw a number of performance improvements. The suspension saw a number of changes intended to reduce the risk of rear-end breakaway in hard turns, including reduced height, higher-rate springs and shock absorbers, stiffer bushings, and longer rear toe-control arms. The 1993 MR2 also got bigger wheels, a larger air intake, and more horsepower in the base engine. The turbo was only available as the T-bar coupe, which saw an increase in the amount of standard features.

The 1993 MR2 came in three trims: a coupe, a T-bar, and a T-bar turbo. The turbo T-bar was the high-end version, with air conditioning and power windows and locks coming standard. The regular engine was a 2.2-liter, 135-horsepower four-cylinder. The turbo charged version was 2.0-liters and offered 200 horsepower. It came standard with a five-speed manual transmission, but was available with a four-speed automatic. The 1993 MR2 was rear-wheel drive, with the engine mounted behind the seats. Fuel economy was about 20/27.

The MR2 has almost a cult following, and the 1993 was no exception. Drivers appreciated the improved suspension, which made the car safer to drive. They also find the car very fun to drive, with excellent handling and comfortable seats. However, some drivers complain that the rear tires wear out very quickly, and repairs and insurance are usually expensive.