After a nine-year production run it made sense for Mazda to tweak the format a bit for their Mk2 NB model, but in spite of a restyle which included the loss of pop-up headlights, and a slight increase in weight, Mazda's second-generation MX-5 kept largely to the same successful brief - and proved even more popular.
The base £14,865 110hp 1.6-litre model came with a tight five-speed manual transmission (plus a four-speed auto for Japan only) and reached 60 in a modest 8.8 seconds. Top speed was 120mph, but if you wanted a bit more power than the 127mph 1.8-litre alternative hit 60mph in 7.8 seconds, and came in at a reasonable £15,995.
A major facelift followed in 2001 (the so-called Mk2.5 MX-5) with greater power and an improved six-speed manual transmission, whilst a variety of highly-specced special editions like the Sport, 10th Anniversary, California, Jasper Conran, Trilogy, Montana, Euphonic and Arctic kept the press buzzing and provided a degree of exclusivity for buyers.
By the early 2000s Japanese-import Eunos Roadsters had become a popular alternative, with some versions offering better specs that their UK counterparts. Often items like leather trim, air conditioning, a CD player and a limited-slip diff were reserved for special editions in the UK, leaving the standard cars lagging behind many Jap imports.
The MX-5 tuning scene too started to grow with the Mk2, seeing quite a few owners opt for forced induction in an effort to elevate their MX-5's performance to the same level as its handling. And in Japan Mazda launched a 180bhp turbocharged MazdaSpeed model. By 2005 Mazda had shifted an impressive 47,157 MX-5s in the UK alone.
As you would expect there are plenty of both UK and Japanese import Mk2s advertised for sale, and right now prices are laughably low. "A well-sorted, low-rust-level Mk2 (or NB) would be a wise place to put your money at the moment, particularly something like a well-equipped Sport VT," confirms Andy Pearson at MX-5 Parts. "As the Mk1 versions are now becoming bonafide classics, enthusiasts are turning to the next one on the list - and they're never been cheaper!"
And this trend is confirmed by Robert Redman at Glass's: "Recently we have seen a rise in values for the older cars, especially those in good original condition. Some owners are spending substantial amounts, maybe even more than the car is worth, to rectify body or mechanical issues and ensure the car's longevity - either with the intention of long term ownership or benefitting from the rising values."
We reckon the Mk2 offers by far the best value for money, and our recommended buy is the Mk2.5 Sport model, with its stiffer chassis and limited-slip diff. "You can still pick up a great car for £2,000, and there are so many ways to make them better," Andy Pearson enthuses. And Glass's market data backs this up: "The best value for money at the moment is the second-generation MX-5. Used values are currently at or below those of the first-generation cars, and with the benefits of extra interior space and improved specification it is probably a better fit for many buyers," confirms Robert Redman.
Buy if: you fancy a great value MX-5 that you could drive every day
Don't buy if: you want the most contemporary spec, or you're planning some serious tuning
We found: 2003 Silver 1.8 Sport, full service history, 78K miles, £3,000
Price Guide
Poor: Under £1,800
Good: £1,800 to £4,500
A1: £4,500+
Special Editions: Special editions with a limited-slip diff can command a premium of up to £1,000