1962 MG Midget Mk I

2dr Convertible

4-cyl. 948cc/46.4hp 2x1bbl

#1 Concours condition#1 Concours
#2 Excellent condition#2 Excellent
#3 Good condition#3 Good

$10,300 CAD*

+4%
#4 Fair condition#4 Fair
Value Graph07/2410/2401/25$2k$4k$6k$8k$10kApr 2025
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1961-1964 MG Midget Mk I stats
Highest sale
$116,791 CAD
Lowest sale
$2,690 CAD
Most recent sale
$38,996 CAD
Sales
284

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1964 MG Midget Roadster
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Model overview

Model description

There was no MG version of the “Bugeye” Austin-Healey Sprite when it debuted in 1958, but Morris Garages would have a corporate stablemate when the redesigned Sprite launched in 1961. The Midget Mk I and and Sprite Mk II now had straight-through fender lines and an opening rear trunk, though they were still fitted with plastic side curtains, and a top that had to be dismantled rather than folded. Because of the similarities between the two cars, they were often referred to as “Spridgets”.

After the new MG Midget launched in June 1961 as a 1962 model, car became one of the most popular British sports cars for the next 20 years. Nearly 74,000 had sold by the time the last one left the factory in 1979. Built alongside the redesigned Sprite, the Midget was recognizable by a chrome strip running down its side, and a full-width vertically barred grille.

In 1961, the engine was a 948-cc A-series straight-four motor with twin SU carburetors. It generated 46.4 horsepower at 5,500 rpm, but an optional high-compression head would bump it to 50 horsepower. Performance was modest, with an 85 mph top speed, 0-60 mph in 20.2 seconds and a quarter mile time of 21.9 seconds. The Midget had rack-and-pinion steering and a close-ratio four-speed gearbox. The price was an affordable $1,939.

For 1963, the Midget gained front disc brakes and a 55 horsepower 1,098-cc engine, though it was still referred to as a Mk I. Options included a radio, heater and hard top. Many SCCA race cars began life as this model, given that the engine was particularly receptive to tuning. The car was still quite Spartan, with a pull-cable starter, and weighed only 1,400 lbs. In stock form it topped out at 92 mph.

Early 1960s Midgets are best driven with the top down, as assembling it takes long enough to get drenched, and it does not seal well when it is in place. The ideal owner will be shorter than 5 feet 8 inches tall and weigh less than 150 lbs. Check for crash damage, and rust or a noisy first gear are deal-breakers. Avoid tube shock conversions on the front suspension. The lever shocks are the top A-frame struts so when the shocks are worn out, the front end needs to be rebuilt.

Although the cars aren’t substantial, fuel consumption is an estimated 40 mpg and the cars have an undeniable charm. Prices have also remained low for decades, meaning that it is ultimately hard to go wrong with one of these cars. Still, with a minimal amount of due diligence, it is almost impossible to go wrong with one of these cars.

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Common Questions

The value of a 1962 MG Midget Mk I can vary greatly depending on its condition, mileage, options, and history. Typically, you can expect to pay around $19,350 USD for a 1962 MG Midget Mk I in good condition with average spec.

The highest selling price of a 1962 MG Midget Mk I at auction over the last three years was $116,791 CAD. The highest prices are usually reserved for rare or exceptionally well-maintained examples with desirable features or modifications and excellent history.

The lowest selling price of a 1962 MG Midget Mk I at auction over the last three years was $2,690 CAD. The lowest prices are usually paid for examples that have extensive maintenance needs, differ greatly from their original configuration, or have accident histories or title problems.

In the last three years there have been 196 1962 MG Midget Mk Is sold at public auction.

The most recent auction sale of a 1962 MG Midget Mk I was $38,996 CAD on April 23, 2025 by All Collector Cars.

Many factors can increase a car's value including excellent condition, exceptional originality, a recent restoration, low mileage, unique provenance, desirable options, popular or unique color choices, and excellent maintenance records. Upgrades and modifications that enhance performance or aesthetics can also add value.

Factors that can decrease a car's value include unusually high mileage, poor maintenance history, visible wear and tear, accidents or damage, title issues, and gaps in ownership history. Additionally, less popular color choices and extensive modifications that don't appeal to a broad audience can reduce value.

Mileage plays a significant role in a classic car’s value. Lower mileage usually increases value because it indicates a higher degree of originality, is rarer, and suggests less wear and tear. However, cars with exceptionally low mileage may also have maintenance needs due to lack of use. Whether someone should pay more for a vehicle with lower miles will depend on how they plan on using it, and the vehicle's specific condition.

The value of modified cars differs widely based on the type and quality of modifications. While some modifications can significantly increase value, especially performance enhancements and high-quality custom work, others may not add much or could even detract from the car’s value if they appeal to only a limited audience.

All prices shown here are representative of stock condition vehicles only and based on various data sources, as detailed in About Our Prices. Value adjustments for optional equipment are in U.S. dollars. More information on how forecast models are calculated can be found on Forecasted Values page. For additional information and a complete description of benefits, visit hagerty.CA/legal. Purchase of insurance not required for membership in HDC. Hagerty, Hagerty Valuation Tools & Hagerty Drivers Club are registered trademarks of the Hagerty Group LLC, ©2025 The Hagerty Group, LLC. All Rights Reserved.

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