When Lotus’ original Elise arrived in 1996, it stunned all-comers with levels of agility, performance and driver involvement that simply weren’t available anywhere in the market, let alone on the right side of £20,000. It was usable and refined to boot, which made it an overnight sales success. However, as its popularity grew, so did the calls to team that usable everyday chassis with higher interior spec, so that it became a more viable alternative for Boxster, TT and Z3 drivers. The 111S of ’99 brought improved seats, easier entry and a dealer-fit stereo, as well as a much needed power hike up to 143bhp. Its’02 replacement added some carpet, air conditioning, and another 13bhp through some Lotus engine management tweakery.

That car is neither powerful nor usable enough any longer though – most significantly because Vauxhall’s Elise-fathered VX220 comes with a turbo. Lotus needs a car to put Luton’s spin-off back it its place – and that’s the task of the 111R.

I drove a new Series 2 Lotus Elise 111R. Oh my god, what an amazing car! The grip is incredible - the thing just won't let go. Looking at the Boxster S, Honda S2000, TVR Tuscan... Forget them all! If you are a driving fan, then just try the Lotus. To anyone thinking of getting an Elise, they look way better in the flesh and the build quality is top-notch. It feels like a quality 'steel'-bodied car. The sound is amazing, too - not a wimpy noise like that of the Audi TT, which the Elise just laughs at. Buy one now!

At the heart of this new car is a screaming gem of an engine borrowed from Toyota. It's the 189bhp VVTL-i (Variable Valve Timing and Lift-Intelligent, if you must know) unit more typically resident in the Celica. All very well, but the purists will wonder whether the Elise is losing its edge.

Lotus has learned about how to apply quality processes on an assembly line, thanks in no small part to its experience building the VX220 for Vauxhall. The result is the best-built car in the history of the company. That said, the Elise is still much closer to being a hand built car than, say, a Toyota Celica, and that means the occasional inconsistent panel gap and the odd rattle. Overall, though, the quality and construction is far from being the issue it is with some other small-volume British manufacturers.

The company has a rich motorsport heritage, as well as a sterling reputation for building cars that are among the best-handling on the planet. Add to that its quite funky looks and you've got a formula to tempt buyers away from the aging Honda S2000 and rather predictable Porsche Boxster.

Looking at the raw facts against the Honda S2000, you would think the Honda would win, Hands down. The S2000 has 2.0L in line 4 cylinder engine with 208Nm of torque and 240bhp at 8,300 Rpm, compared to the Lotus’ 1.8L in line 4 cylinder engine with 181Nm of torque and 189bhp at 7,800 Rpm. Both cars have a 6 speed manual gearbox, and run on premium unleaded petrol.

Now, you might be thinking that there’s no comparison. The Honda S2000 would win hands down, right? Wrong. The Elise has weight on its side, a huge advantage. The Honda S2000 weighs in at 1,271 kilograms while the Elise is just 806 kilograms.

That’s good enough to propel the Lotus Elise from 0-62mph in just 5.2 seconds and on to a top speed on 147mph. The Honda hits 62mph in 6.2 seconds and goes on to a top speed on 150mph. The weight advantage also gives the Elise the advantage on fuel economy. The S2000 returns 28 miles to the gallon on a combined cycle, while the Elise returns 32 miles per gallon.

Where the Elise does lack though is on equipment. Electric windows, central locking, CD/radio that also reads MP3 CD’s, and ABS are standard in both cars. However, the Honda S2000 has air conditioning and traction control electronic brake distribution and leather seats as standard, which the air conditioning traction control, and leather seats are optional extras in the lotus and would set you back around £1200. Electronic brake distribution is not available on the Lotus.

Another drawback of a Lotus is that at high speeds, there’s a lot of cabin noise. More then I expected and therefore makes it difficult to listen to the CD player.

Verdict

This Elise is the best yet, making it one of the best Lotus there's ever been. And, by default, one of the finest sports cars the world's ever seen. It handles so well, offers so much feedback, feels so much like a racer for the road that you'll feel like Juan Pablo Montoya even on your way to Sainsbury's. Particularly as the outlandish style means everyone will be looking at you, warmly - this car commands respect. You need to be limber but you don't need Ferrari or Porsche levels of cash to get into it, just the price of a cooking BMW 5 Series (£29,500). That makes it a bargain. You won't regret it!

The entry level S2000 has a basic cost of £27,402. With another £300 for the must have Vehicle Stability Assist system. Fine if you fall in love with that engine, but I can't help thinking it just costs too much for a car with such edgy handling. Plus you've got Group 20 insurance and servicing every 9,000 miles to contend with. That said, existing owners absolutely adore their S2000s, and it always does brilliantly in customer satisfaction surveys. So it's a good car. But if it were my money, I'd save for a Lotus Elise 111R.