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That is clear coat failure, IMO. However there should not be a clear on the OEM paint so I'd say that the panel and perhaps the whole car was resprayed at one time. Sadly there is little you can do to fix CC failure except a respray. Wetsanding damaged clear will buy you nothing but a larger area with no clear. There is no way to save damaged clear.
So once you get past that you should know that the MR2 will look great when you get it repainted. The body style is seemingly ageless, has tons of aftermarket kits available, and was built very well.
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