The biggest change for the 2002 MR2 Spyder was availability of a new high-tech transmission. The sequential manual transmission (SMT) had no clutch and instead was operated by a level on the floor. A conventional five-speed manual was also available.

The 2002 MR2 Spyder came in one trim level, with very few available options. The handful of choices included leather seating, the SMT, and cruise control. The engine, which was mounted in the middle of the car, was a 1.8-liter, 138 horsepower four-cylinder. The transmission was a five-speed manual, and it had rear-wheel drive. The top is designed to sit flush with the body of the car when down, so no cover is required. Fuel economy is about 25/32. Drivers love the 2002 MR2 Spyder, saying they like how it looks and drives, and it is still reasonably affordable. They say the location of the engine makes for good balance, which means the car handles very well. Many drivers complain that there isn't enough storage space, and many also wish for more power.