Drop down over the wide sill into the cabin (they’ve made it a bit easier for us, by taking the roof off) and a wonderful Alcantara facia stares back at us, terrific bucket-style seats grip us, we grasp the tiny, firm steering wheel with its Senna F1 connotations. Tricked-up press demo? No. It’s completely standard, apart from the air con (a lumpy £1,250) and the £300 traction control system. It’s all hand-made too, which we can confirm following a tour of the trim plant. How about this for a boast; all Elise fittings are made in the very same plant that the Esprit once was.

The new one, due in 2008, is getting its very own brand-new facility. They’re designing it as we speak, in the building straight ahead of our Elise, but we’re not going to try and sneak in. Turn the key, the engine barks into life, snick first with the vastly improved gear change, and we’re away, easily. Delighting in the smooth throttle, lack of driveline shunt, progressive manners. It’s massively more friendly and progressive than the Saab 9-5 we’ve driven up in, and marvelous for a performance car. A few revs and the engine seems cammy, vocal, throbby but not harsh. It certainly has more appeal than the K-Series.

But it’s throttle response and torque that really make this engine. The R is great fun, but you’re always aware that the fireworks only happen above 6,200rpm. Here, torque figures are comparable, but the ‘feel’ is that it’s gruntier, happier at lower revs. Tony Shute, Mr. Elise, muses that the effect could be for real; despite what the paper figures say, a lower-volume intake system means it responds quicker to an opened throttle. You quickly find yourself hovering around 3,500rpm rather than above 5,000rpm; throughout the two days with the car, I rarely saw the gear change-up indicator blink.

Never mind that, though. Because the Elise S is magic. Staggering sorcery is at work in the suspension. What other explanation could there be for such tremendous ride quality? The roads on the route were dreadful in places. Chosen on purpose, said Lotus. Brave, but a masterstroke, because the supple, gliding, organic Elise shrugged it off. It’s amazing, how comfortable it is – yet still, all the time, fully connected with the road. If this sounds counter-intuitive, just try driving it. You’ll struggle to understand how it is possible; at times, we were awestruck.

The steering is a major factor here. Right from the off the wheel writhes gently in your hands, which is off-putting for all of 100 yards. It’s telling you everything about what the tyres are doing and how much grip they have. It weights up and settles in corners, for example – but just you press too hard and you’ll know the very instant the front tyres have enough with a gradual lightening. It’s like having a sixth sense and feels as good as sex; factor in speed and accuracy for one of the best steering systems in the world. Don’t think one facet can make such a difference? Then please, please drive an Elise.

All this before we mention handling? That’s because the Lotus philosophy is that all are integrated and should work together. So it’s no surprise to find the ultra-lightweight Elise turns in instantly yet progressively, follows its line faithfully and gives you the accuracy to hit any pebble or white line you choose. The front tyres may look narrow but there’s no shortage of grip, while find a twisty road full of direction changes and it’ll all flow more smoothly and deliciously than melted chocolate. It’s satisfying at any speed too, unlike some sports cars; trouble is, it’s also so capable, you’ll soon find yourself turning into the fastest car in the vicinity.

Formula 1 drivers can have rubbish weekends and blame the car. Last week it was a race winner but sometimes it doesn’t feel ‘part’ of them, so they don’t have the confidence to perform. You’ll understand them if you drive the Elise, for it becomes an extension of you like few other cars can. Simple, lightweight but brilliant and with ability that plumbs depths not even Omega make watches for. Then you arrive back at the factory, without feeling fatigued thanks to much work on noise insulation and the reduction of buffeting (even the new Alpine stereo is audible), reluctantly hand back the key and give it one last look.

It’s then that the PR man fires his killer fact; it could be ours, through Lotus finance, for £4.5k down and £299 per month. Put down those TT and MX-5 brochures. No, the boot isn’t huge, it’s awkward to get in and out of, the heater controls are fiddly and it’ll never be as quiet as a ‘regular’ roadster. The intake roar of that new engine also, at times, hints at a MkIII Escort with a dodgy manifold. But rarely will £24k bring you more automotive joy (or retain so much of it after three years). Yes, it’s still £24k. But, all in, the Elise S could still be the bargain of the year.