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My brother has one and so does my dad. Good little motors but they are lacking about 200whp just to start. The thing that pissed me off more than anything about them was the fact that the interiors easily fog up.
300whp in this car should be good for an 11. You can't (well yes you can, anybody can say anything) say that they should have come doing 11's from the factory showroom floor. Almost nobody drag races these, but in fact they should be superior to a turbo colt in alot of ways.
Weighs the same or less as a turbo colt.
RWD
IRS
50/50 Weight distro
The motor isnt the greatest, but it will do 300whp without issue, the trans starts to go around 270, but the six speed lasts to around 350.
I don't really care for the fact that it is a converitble, I'm sure I'll use that fact a few times to my benifit cruising around campus

(chicks dig miata's, which is a big plus), but I like the 2 seater aspect.
I found the interior to be much nicer the then turbo colt, and the stock seats pretty awesome. Sure your not going to be carrying home any big screen tv's but how often do you really do that anyways. There's a van in the driveway for a reason.
Turbo Colt WILL be faster for the $$$ spent, I'll agree that in a
straight line, but you'll be slowing down for corners and I'll pull 1.3+G on RA1's.
I'll be happy with 250-275whp and a built suspension. That's enough to hang with some pretty fast cars on the track.