Mazda has taken the hatchet to the pricing of the new MX-5, slashing over $15,000 from the car's current price.
The new ND-series MX-5 will go on sale from mid-August priced from $31,990 for the six-speed manual. A six-speed automatic will also be available.
This makes it much more competitive against the likes of the Toyota 86, which has dominated the entry-level sports car segment since its introduction in mid-2012.
While the price cut has been significant, it's not quite like-for-like as the MX-5 now features a 1.5-litre four-cylinder entry model, with the more powerful 2.0-litre version arriving later in 2015.
The new 1.5-litre engine produces 96kW/150Nm compared to 118kW/188Nm from the current car's 2.0-litre.
However, a kerb weight of just 1009kg means the power-to-weight ratio of the new car is not significantly different.
With the initial press drives scheduled for July, we're itching to find out whether the new smaller, lighter MX-5 can offer the driving thrills the model is renowed for.