Mazda's Speed Demon

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Macho-looking aluminum foot pedals are standard, and there are stainless steel scuff plates in the door openings.

The Speed3 seats four comfortably and five in a pinch. Legroom up front, which is rated at 41 in., is adequate. The rear seats are roomy enough for adults who aren't long-legged or over six feet tall. With the driver's seat set for someone my height (5 ft. 10 in.), I had enough knee room in the rear seat to be comfortable on shorter trips. The rear seats fold down to create space for hauling bulky loads.

Buy It or Bag It?

If speediness, handling, and a relatively low price are your priorities, the Mazdaspeed3 is an excellent choice. Its average selling price is $23,978, according to PIN, and that's a bargain considering all the standard equipment the car comes with and the way it performs.

However, the market for sporty economy compacts is crowded and there are numerous competing models to consider. If you need all-wheel drive and better ground clearance, the obvious alternative is the newly redesigned '08 Subaru Impreza WRX hatchback, which has an average selling price of $27,072 (the WRX sedan is going for $26,441). Watch this space for an upcoming review of the WRX.

Of the less expensive competing models, by far the most attractive in my opinion is the Honda (HMC) Civic Si, which sells for an average of $21,923. The Honda is a great little car for the money, but it's a sedan and doesn't have quite the practicality of a hatchback. Other budget sport sedans include Chrysler's Dodge Caliber SXT ($18,183) and the $19,331 Mitsubishi Lancer.

Roughly comparable German models tend to be far more expensive than the Mazdaspeed3. For instance, the '08 Audi 3 hatchback is selling for an average of $32,830 and BMW's (BMWG.DE) '08 Mini Cooper S for $32,022, according to PIN. The Volkswagen (VOWG.DE) GTI hatchback, which sells for an average of $25,149, is closest to the Mazda in price. (PIN, like BusinessWeek, is a unit of The McGraw-Hill Companies (MHP)).

The bottom line is that you might consider test-driving the Mazdaspeed3 against the WRX, Civic Si, or GTI, but it should hold its own against any of its rivals.

See BusinessWeek's slide show to see more of the 2008 Mazdaspeed3.

Thane Peterson reviews cars for BusinessWeek.com.