2004-'05 Mazda Mazdaspeed MX-5 Miata

It was exactly what hardcore Miata fans demanded through the sports car’s first 15 years: a factory-built MX-5 with increased power, sharper handling, and more aggressive looks. Over a two-year period in the mid-Aughts, Mazda delivered exactly that in the form of the Mazdaspeed MX-5. Few of those hyper-Miatas made it out into the world, and they’re now an appreciating asset.

For the uninitiated, this car represented the second product of the Japanese automaker’s short-lived in-house tuner arm which also turned out limited numbers of turbocharged, high-performance variants of the Protegé, Mazda3, and Mazda6. When a buyer handed over $25,500 in 2004 or $26,020 in 2005 for a Mazdaspeed MX-5—those prices represent around $40,500 in 2023, when a new Miata starts at $28,050—they got a roadster that had been reworked from bumper to bumper. Bold styling additions combined with a lowered, sport-tuned suspension and a forced-induction 1.8-liter four sending 178 hp and 166 lb-ft of torque to the rear wheels through an upgraded six-speed manual and torque-sensing differential.

Photo: Mazda

It’s believed that 5,428 factory-boosted MX-5s were built in those two years, their total numbers artificially limited by an assembly plant fire that ended the run more than 2,500 cars earlier than planned. While all examples are coveted, the notably rarer ’05 models seem to grab more attention, especially those painted in the two (out of four total) colors that were not offered the previous year.

It was a 2005 model with 35,075 miles that brought a fee-inclusive $13,913 as it crossed the virtual Hemmings Auctions block on July 30, 2021. That car presented very well, wearing the carryover hue Titanium Gray metallic over optional black leather and bearing cosmetic modifications both dealer-installed and aftermarket. On that date, classic.com posted its Moving Average sale price for all Mazdaspeed MX-5s at $15,524; the Hemmings.com-sold Miata may have fallen short because purists wanted its factory-fitted 17-inch Racing Hart alloy wheels (no longer with that car) or potential owners preferred a more expressive paint color.

Photo: Mazda

Two years on, a classic.com search turns up five pages of publicly sold listings for this model that date back to July 2018. Clicking through them reveals a blend of factory-stock and modified examples that range between 5,400 and 156,000 miles and $8,400 and $43,250 (the latter, a V-8-powered outlier). It’s no surprise that virtually all these sales took place through online auctions, considering the subject is a relatively-inexpensive-when-new Mazda that’s aged into what many consider “used car” territory. Youthful, tech-savvy gearheads were the primary buyers of this factory-tuner Miata when it was new, and the types who appreciated its easily manipulated performance still want them now.

Most of the Mazdaspeed MX-5s listed there changed hands in the $10,000 to $20,000 range. This roadster’s collectability was never in doubt: classic.com now considers it an appreciating Market Benchmark with a value, at printing time, of $15,666 — the highest of any U.S.-spec production Miata.

Value Guide: 2004-'05 Mazda Mazdaspeed MX-5 Miata