The market for luxury cars is booming. In the last five years, brands like Bentley, Ferrari, Lamborghini, and Rolls-Royce all raked in record sales. Ignoring the societal implications, one thing is clear: More people have huge money to spend.
That success isn’t reserved just for the highest of high-end manufacturers, either. Some “attainable” luxury brands are so flush with cash that they’re turning to fashion and high-end real estate, giving buyers more ways to wrap themselves in the proverbial flag.
Other automakers are privy to the fact that luxury sells. Mazda saw the writing on the wall three years ago when the company announced a plan to transition into a “traditional mainstream premium” brand. But what exactly does “premium” mean for Mazda? And more specifically, what does this move mean for the Miata long-term?
Well, in Mazda speak, “premium” doesn’t necessarily mean “luxury.” That said, the company is indeed aiming for a higher-end, more “boutique” customer, says Jon Leverett, Mazda’s project manager of strategic planning and integration.
“It doesn’t necessarily mean we are abandoning the mainstream segment,” Leverett tells me. “We want to expand our top-end options, especially with CX-70 and CX-90. But we say ‘premium’ because we’re different from a traditional luxury brand… It’s not about price as much as it is about the value of the car, what it’s giving you. It’s well-priced—not the lowest, not the highest. But what we’re putting into the car is worth it.”
‘We say ‘premium’ because we’re different from a traditional luxury brand.’
The CX-70 and CX-90 SUVs are good examples of what Mazda means by “premium.” They may not go toe-to-toe with the Germans down the trim line, but a fully loaded CX-70 Turbo S Premium Plus is still nice enough to cross-shop with something like a mid-range BMW X5, for example.
And already Mazda’s plan to become more “premium” has paid off. Sales skyrocketed in 2024, with the brand selling a record 424,382 cars—a 16.8 increase over 2023—led by the longstanding CX-5. And Mazda is on pace for similar success already in 2025, with more than 33,000 models rolling off dealer lots—the brand’s best January ever.
Miata sales, on the other hand, were down by 9.7 percent over the previous year. Mazda sold just 8,103 Miatas throughout all of 2024. Thankfully, sales aren’t always a good measure of success for this segment; By comparison, the Subaru BRZ was way down and the Toyota GR86 stagnated.
The bigger question here is how Mazda’s iconic sports car fits into the brand’s new ethos.
Luxury automakers aren’t exactly known for their affordable, lightweight sports cars. The BMW Z4 starts at over $55,000 in the US (even more if you want a manual). The Porsche 718 Boxster and Cayman both cost over $76,000. And Mercedes-Benz makes an “entry-level” SL that costs $113,000. Otherwise, the pickings are slim.
But again, Mazda isn’t trying to compete with the Germans. As Leverett reiterates, “premium” doesn’t necessarily mean “luxury”—and by Mazda’s measure, the MX-5 Miata is already plenty premium.
“We still consider the MX-5 the halo,” says Leverett. “It’s interesting because it isn’t the most expensive [Mazda], which is typically what you see with other manufacturers. Despite the price tag though, we consider the MX-5 premium because of how unique the product is… Everything about that vehicle is premium in the way it’s built and crafted, especially now more than ever. The driving experience is so unique; there aren’t many competitors that come close to what the Miata offers.”
‘We still consider the MX-5 the halo.’
While Mazda believes the ND Miata is currently in a prime position to compete in the premium space, the sports car is a decade old as it sits—a long lifespan for any vehicle. The ND went on sale for the 2015 model year and has seen a few modest updates in that time, getting a reworked engine in 2019 and some minor visual tweaks just last year.
Mazda has been mostly quiet on the details of the next-generation Miata. The company has subtly hinted at an electrified or hybridized rotary powertrain, though nothing has been officially confirmed. But in 2023, Mazda debuted a concept that many believe may have already previewed the next Miata: The Iconic SP.
Even though the concept is nearly 10 inches longer, 4 inches wider, and about 850 pounds heavier than the current Miata—in part due to its complicated rotary hybrid powertrain—designer Masashi Nakayama said it “could easily be shrunk down to Miata-like proportions,” which is good news. And Mazda executives in Japan have already confirmed that the Iconic SP was “designed with real intent to turn it into a production model in the not-so-distant future.”
As it sits, though, the Ionic SP concept would make a lot of sense in Mazda’s now more premium lineup. The car has beautiful lines, a high-end interior, and a 365-horsepower powertrain that slots in nicely against alternatives like the BMW Z4, Porsche Cayman, and Toyota Supra. And Mazda isn’t shy about the fact that it wants another sports car above the Miata.
“That’s always the dream for Mazda, we want to come back out with another sports car,” says Leverette. “Historically our lineup has always had a couple of sports cars… those are our roots and that’s what we want to have out there. So yes, the ideal state is to have a higher-end sports car maybe above the MX-5. If and when, who knows… but because we are independent, we are focusing on growing the volume with our SUVs so that we can hopefully afford a new sports car like that.”
Whether or not the Ionic SP yields a new Miata (or, in a perfect world, something else above it), the company remains bullish on the fact that sports cars—and specifically roadsters—remain an integral part of Mazda’s DNA. CEO Masahiro Moro said last year, “The roadster is the icon of Mazda’s brand, and the rotary EV is a concept for the future iconic model.”
So for now, at least, Mazda believes its ubiquitous sports car still makes sense. The quality of construction and the driving experience more than meet the demands of a more “premium” buyer. Will the Miata look different in a decade? Very likely. Will we see some form of hybridization down the line? Entirely possible.
But one thing’s for certain: The Miata isn’t going anywhere.
