IN THE MAZDA MIATA'S

early years, after its launch in 1989, Buick also offered a two-seat roadster called the Reatta. Mazda and Buick could have cosponsored a yacht race and called it the Miata-Reatta Regatta. But the Reatta flopped and died.

The Miata, thankfully, didn't. Mazda recently introduced the third generation of the car under a slightly different name: the MX-5 Miata. It's facing a new, more worthy challenger from General Motors the Pontiac Solstice. But some things don't change. The MX-5 Miata remains the quintessential low-priced roadster and the leader of its class.

Compared with today's appealing crop of roadsters, many of them far more expensive than the MX-5 a group that includes the Nissan 350Z, the Porsche Boxster, the BMW Z4, the Solstice and a "near roadster" in the Mini Cooper convertible the MX-5 Miata doesn't have the highest horsepower, the fastest zero-to-60 time or the hottest styling. But with a base price for the low-end "Club Spec" version of $20,995, the new Miata still offers the most fun per dollar on the road (all prices include destination charge).

The MX-5 comes in five flavors, ranging from the Club Spec to the top-of-the-line Grand Touring, which has a base price of $24,995. On both the Grand Touring and the midlevel Sport version, which starts at $23,495, a six-speed manual transmission is standard, as opposed to the standard five-speed on the lower-priced versions.

Both manual transmissions offer slick shifting. But the extra gear ratios on the six-speed are handy on hills. The six-speed manual is worth the extra money, but I would steer clear of the $1,100 optional six-speed automatic with clutchless shifting. The automatic takes too much of the fun out of this car.

Steering and handling are more precise than the old Miata's. Like its predecessors, the MX-5 is a rear-wheel-drive car. Likewise, the interior is slightly more spacious, which makes it a whole lot more comfortable than the predecessor model. The seats are especially good.

The trunk is small but functional; you and your significant other can pack for a weekend trip. And the convertible top, while somewhat noisy at highway speeds, is so simple it can be raised and lowered with one hand while you're sitting in the car.

So what's not to like? Just a few nits. The driver's rear lateral vision is somewhat impeded by the convertible top. And heated seats aren't available.

Then there is styling. The Miata's basic shape, evoking classic British roadsters, remains unchanged.

But Pontiac's new Solstice, the MX-5's obvious rival, wins the styling race. Its swooping fenders and twin honeycomb grille give it more pizzazz. The base price of $19,995 makes the Solstice cheaper than the base MX-5, but with comparable equipment, the cars cost about the same.

The Solstice's 177-hp engine is a bit more powerful than the Mazda's, but the extra horses come to naught because the Solstice is the heavier car. And the Solstice's fuel economy 20 mpg city, 28 highway is slightly worse than the Miata's.

The Solstice offers only one transmission, a five-speed manual (an automatic will be available soon). It lacks side airbags. And it lacks the space to store just about anything. The trunk, largely filled by the fuel tank, is practically useless.

The Solstice gives the Miata its first legitimate competition. But Mazda still leads this race.