With the 2005 Mk3 NC model growing in size (to better fit the average 21st century human form!) Mazda decided to drop the lower-powered 1.6-litre model, with the 126hp 1,080kg 1.8-litre car now becoming the start of the range. A 160hp 2.0-litre version was introduced as the range-topper, whilst for the first time a hard-topped Roadster Coupe appeared in November 2006. The 1.8 had a five-speed manual gearbox, whilst some versions of the 2.0 came with a six-speeder - and Japanese buyers could also select a four-speed auto.
The 122mph 1.8-litre Roadster wasn't the swiftest - with the 0-62mph mark taking a leisurely 9.4 seconds, but with 139lb ft of torque the 130mph 2.0-litre model cut this to a more lively 7.9 seconds. In 2005 the two Roadsters cost £15,412 and £16,412 respectively.
Two largely cosmetic facelifts followed in 2008 and 2013, and as with the first two generations a range of official and unofficial special editions were also released - including the popular 20th Anniversary Edition, Sport Black, Sport Tech Roadster Coupe and Kuro. For those seeking the ultimate in performance the aftermarket was there again, with cars like the 268hp BBR GT270 providing additional punch.
Boasting a high spec including climate control and iPod connectivity on all models, both the Roadster and Coupe were very popular with UK buyers - over its lifetime Mazda UK sold a whopping 49,228 Mk3 MX-5s. And with so many still in tip-top condition there are always plenty of good cars advertised for sale, with prices starting from as little as £3,000.
And the Mk3 is a great all-rounder: "A well sorted Mk3 (NC) really is the ultimate compromise between price, ability, power, stability and upgradability," enthuses Andy Pearson. "They've been so well proven as a race car chassis, and particularly when fitted with a cage, they are almost untouchable around a circuit. They're one of the nicest cars to drive on the limit, and as they're not stupidly fast they're relatively gentle on tyres, brakes and components."
Plenty of owners have tuned their Mk3 too: "This era of ECU is very easy to map with quality upgrades like EcuTek - so a little extra power is easy to come by," Andy confirms. And Neil Mckay at BBR GTI shares that view: "The Mk3 2.0 Sport makes a fantastic track car with its six-speed box and limited slip, and with the later MZR/Duratec engine it's easily tuneable to 200hp. Just add a manifold and cams, lose some of the creature comforts to cut weight and add good suspension and tyres."
Many owners too recommend the Mk3 as the MX-5 to buy at the moment: "Mk1 prices have rocketed and a lot of cars are showing their age, have been badly modified or are just too expensive - whilst the Mk2 can come with serious rust concerns," one enthusiast told us. But bear in mind it's not a universally-held opinion: "The Mk3 gives 95 per cent of the fun of a Mk1 but adds modern comfort and safety features, although certain parts of the MX-5 fraternity still deride them for not being 'proper' MX5s" another owner warned.
On balance, we side with those who reckon the Mk3 is currently the best overall buy - not least because it's nearly as cheap as a Mk2 but boasts more space, is better-specced and is more readily tuneable to higher power.
Buy if: you want an MX-5 that can do it all - track car, daily driver, great base for tuning
Don't buy if: you want an appreciating future classic
We found: 2009 Black 2.0 Sport Tech Convertible, full service history,48k miles, £7,975
Price Guide
Poor: Under £3,000
Good: £3,000 to £9,000
A1: £9,000+
Special Editions: Those with less than 15,000 miles can fetch over £15,000