From 1968 until 1976, BMW produced what is probably considered the very first sport compact vehicle – the 2002. Based on the 1600 chassis and a follow up to the successful and popular 1500, the 2002 was powered by a 120bhp engine, later upgraded to a 170bhp engine in the 2002 Turbo. I drove one a number of years ago and it was compact, nimble and handled well. I’ve even seen a custom variant of this thing, with an E36 M3 engine swapped in for good measure. These cars had character, something cars nowadays seem to lack in droves.

In recent times, BMW has been producing some ugly cars – thanks to Chris Bangle – and letting the design philosophy permeate up and down the entire lineup. The 3-series looks like the 5-series looks like 6-series looks like the 7-series. BORING. And the beltline of these cars have been getting bigger and bigger. The ultimate driving machine they are not, as there are equally spirited options available from the likes of Audi, Cadillac and Lexus. And frankly, when you see ten 3-series roaming around town every day, the exclusivity level just went straight down the toilet.

With the introduction of the BMW 1-series, I was hoping that they would revitalize the spirit of the old 2002. I have yet to get behind the wheel of one and evaluate its performance, but the price of this car has already dampened my spirits.

Utilizing BMW’s website, I spec’d the predictably more popular choice in the 1-series line up – the 128i. And added a few options that I figured would be popular. With tax and license, this little BMW is going to shatter the $40,000 price point. Excuse me? 40 large for a small, FR coupe? And the 135i, comparably equipped, shoots up to the $48,000 level. Are you kidding me? I’d rather sport a used Porsche 996 Carrera 2 for that price – “There is no substitute.” Or if a new car is what’s desired, I’d rather take a comparably equipped Audi A3 2.0T for 3 grand less.

I suspect that BMW will sell plenty of the 1-series despite its price. As the “entry-level” BMW, this car is sure to attract plenty of 30-somethings and some 20-somethings that want to get into a BMW but not willing to pay for the 328i or 335i coupe. But I maintain that there are far better choices to this 2002 wannabe. Although I’m more than willing to pay for performance, there just isn’t enough here to justify the price tag.

BMW had to find a way to pay for its F1 program. The 1-series is one way to do it.