The 1992 MR2 did not see any notable changes from the year before, when it was completely redesigned.

The 1992 Toyota MR2 came in four trims: the coupe, the turbo coupe, the T-bar, and the turbo T-bar. The regular engine was a 2.2-liter, 130-horsepower four-cylinder. In Europe the regular engine was the 156 HP 3s-ge. 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 1991 MR2 was rear-wheel drive, with the engine mounted behind the seats. Fuel economy was about 20/27.

Those who drive the 1992 Toyota MR2 love the car for its peppiness, and say it handles well and is fun to drive. It gets good gas mileage for a sports car, and driving enthusiasts like the rear-wheel drive. However, some owners do have trouble with rust, and some have had leaks with the T-bar roof. Some drivers also experienced a loss of traction in the rear tires, which can be quite dangerous for drivers who are not used to rear-wheel drive vehicles.