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For those who have written off the Mercedes-Benz SLK as an also-ran in the booming sports car market, think again. A new engine and transmission for 2001 puts the diminutive two-seater on top of its game and makes it more of a contender.

When the SLK 230 Kompressor arrived for ’98, it was admired for its styling and its clever fold-away hardtop. But there were problems.

The biggest sticking point was the automatic transmission, the only way you could get an SLK in its first year. That was a marketing decision that Mercedes officials quickly rued, as sales suffered and critics wondered out loud whether the SLK was really a sports car.

For ’99, a five-speed was added, which was a real improvement, but the gearbox was a balky unit without the precise throws needed to inspire sporty driving.

The supercharged four-cylinder engine was targeted as not up to snuff in the pricey SLK, especially compared with competition from BMW Z3 and Porsche Boxster.

Now comes the SLK 320, powered by a torquey, 3.2-liter V-6 that’s hooked up to a new six-speed transmission. The aluminum V-6 comes from the heavier E320 sedan. In the SLK, it just sings.

The V-6 puts the sparkle to this hot little wedge, adding a howling exhaust note to the rush of power. Throttle response is strong and immediate, with smooth acceleration and free-revving flexibility.

The base SLK model still gets the 2.3-liter supercharged four, but it’s upgraded with a new cylinder head and ignition and a quieter supercharger, which add five additional horsepower, to 190. The SLK 230 comes in about $5,000 under the 320.

The new close-ratio six-speed is standard on both models, with the five-speed automatic as an option. Unfortunately, the test car came with the optional automatic, which somewhat blunted the sports car experience. From what I’ve read, the six-speed is a marked improvement over the previous five-speed.

The suspension, although a bit soft for an all-out sports car, is nonetheless solid and well-controlled. The steering is firm and responsive, with balanced handling that allows the SLK to be “tossable,” despite the cushioned ride.

Other news for 2001 is a 5 percent price reduction for the SLK 230, with more standard features and a mild facelift, including restyled lower-body sills, new wheels and interior upgrades.

One of the best features of the SLK is carried over: the hardtop that folds into the trunk. This is a beautifully engineered piece of work, gracefully opening or closing with the touch of a button.

The down side is that trunk space is compromised by the intrusion of the top.

Top up, the cabin is snug and quiet, although a tad tight for those of us pushing the height extremes. Like most sports cars, the SLK looks better with its top down, sleek and aggressive. With the top up, there’s a measure of ungainly disproportion, the pagoda roof looking too small for the body.

Inside, controls and gauges are simple and easy to use, except for the overly complex stereo controls.

SLK comes standard with advanced safety and comfort features, such as four-wheel, independent anti-lock brakes; advanced traction control; front and side air bags; and power windows, mirrors, locks, seats and steering-wheel adjustment. The only options on the test car were the automatic transmission, at $950, and a xenon-headlight, heated-seats package that added a whopping $1,545.

With its new engine and six-speed transmission, the SLK competes on a better footing with the latest breed of small sports cars, which now includes the hot Honda S2000 and the stylish Audi TT, as well as the Z3 and the Boxster.

And don’t forget the little car that started the two-seater resurgence, Miata, which Mazda continues to sell by the thousands.

2001 Mercedes-Benz SLK

Vehicle type: Two-passenger, two-door roadster, rear-wheel drive.

Base price: $43,900.

Price as tested: $47,040.

Engine: 3.2-liter V-6, 215 hp at 5,700 rpm; 229 lb.-ft. of torque at 3,000 rpm.

Transmission: Five-speed automatic.

Curb weight: 3,100 lbs.

Wheelbase: 94.5 inches.

EPA mileage: 21 city, 27 highway.

Highs:
V-6 engine power.
Trick folding hardtop.
Controlled handling.

Lows:
Tight cockpit.
Confusing stereo controls.
Test car had automatic.