I have been driving a bargain. Although at £36,755 it may not seem to be the snip of the month, comparatively speaking the Mercedes-Benz SLK 350 represents outstanding value for money.

This is why. Eleven years ago, the world of the convertible car was changed by the arrival of the supercharged two-seat SLK 230. It had the looks, it had the quality and . . . it had a folding hardtop. It required just a push of a button to operate the roof, an extraordinarily clever piece of engineering, the operation providing a sort of kerbside cabaret act watched with amusement or awe by passers-by. It was a world away from classic sports cars with leaky hoods and plastic sidescreens that needed a degree in civil engineering to erect.

In some ways it was a great car, with almost 200bhp available from its four-cylinder Kompressor engine, although it sounded rather muted and its automatic gearbox’s manual override was just an afterthought. The equipment was a touch lacking: initially, there was not even a radio. Very cheeky. There were only two airbags, steering was slightly vague, the cabin was a little tight for six-footers and thechas-sis was more tourer than sports car.

And at £35,000 it was not cheap. In today’s money, you would need to find £47,558.29, according to the Office for National Statistics.

So, time warp to the present day and just arriving is the new SLK 350 – a whopping £10,803.29 cheaper in present money than the original SLK 230. Thus it is a comparative bargain, which comes with added safety systems and more than 50 per cent extra power – 300bhp – from a high-rev-ving (7,200rpm) V6 engine.

Combined fuel consumption of the six-speed manual 350 is 29.7mpg (the original SLK with automatic gearbox managed 28.8mpg); a brilliant, paddle-shift seven-speed automatic-plus-manual transmission is an option; CO2 emissions (automatic) are 219g/km; 0-62mph time is 5.4sec and its electronically limited top speed is 155mph. The chassis has electronic stability control, brake assistance and precise rack-and-pinion steering with variable ratio “Direct Steer” an option. There are four airbags but designed to do the job of six – and, good gracious, it even has a radio as standard.

Styling changes for the new SLK range include a sharper V-shape frontal treatment and some interior improvements.

There is more good news. The latest SLK 200 Kompressor is only slightly less powerful than the original SLK and is well equipped. With a manual gearbox it is £29,705. There are two other versions of the car: the 280 from £31,787 and the gloriously raucous 55 AMG with 360bhp V8 engine, which gets to 62mph in 4.9sec. It costs £51,592, but if you think about the value of the 230 in 1997 then, yes, it is another bargain.

The original SLK gained a largely undeserved image as a girlie car. Later versions (one of which benefited from a 10 per cent price cut) were far more masculine, but today two out of three SLK drivers are female. The typical age profile is 36 to 55 and the average household income is £92,000 a year.

The 350 is likely to account for about a fifth of SLK sales. I liked it very much, although cabin space is still a little tight for tall drivers and it remains more a responsive tourer rather than an out-and-out sports car.

Each of the SLK variants provides a fine drive, with the lighter 200 (£29,705) the best balanced and seeming more like a true sports car than the others. The 280 is a fine all-rounder.

As for that 55 AMG, it is a great temptation at “only” £4,033.71 more, in 2008 money, than the original SLK 230 would have cost today. I took it round the traffic-clogged Formula One street circuit in Monaco and managed, very briefly, to floor the throttle in the famous harbour tunnel, its four exhausts barking for freedom. Sometimes, it is good to pretend to be a bit of a kid.

Specification

Car Mercedes-Benz SLK 350
Engine 3.5litre 300bhp V6
Transmission Six-speed manual
PerformanceTop speed (limited) 155mph, 0-62 mph 5.4sec
Fuel consumption (combined): manual 29.7mpg, auto 30.7mpg
CO2 emissions (auto): 219 g/km
Price £36,755
On sale April 17

Alternatives

Audi TT Coupé/Roadster Much improved with roomy cabin, high quality, good value

BMW Z4 High build quality, individually stylish, not quite as exciting as it looks

Porsche Boxster/Porsche Cayman Immaculate road manners, quality, great engines, cockpits could be a touch roomier for tall people

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