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Once again, Lee Iacocca has rolled out the mirrors in order to bring out a new car.

Rather than yet one more LeBaron off the K-car platform, Iacocca has produced a car based on the Eagle (i.e.Renault) Premier.

At least he gave it a familiar Chrysler name-Dodge Monaco, a moniker first used by Dodge in 1965 and last used in 1978 on a full-size, rear-drive boat.

Monaco is a dolled-up version of the Premier that Chrysler inherited from Renault when the French automaker bailed out and let Chrysler make an offer American Motors Corp. couldn`t refuse.

To appreciate Monaco, you must appreciate the motivation behind the car.

The midsize Premier has been a lackluster sales performer, in large part because of its French parentage and the fact that consumers have long memories. Renault may be a power in Europe, but in the U.S. it`s remembered as the company that brought us the Dauphine and later Le Car, which Le`d an egg. Chrysler ended up with Premier and a modern assembly plant in Bramalea, Ontario, from its acquisition of AMC. But having fallen short of sales expectations with Premier, capacity utilization at that ultramodern Canadian plant has fallen about 200,000 units shy of a full load.

In order to increase plant utilization, Chrysler decided to give Dodge yet another midsize sedan (as if the Spirit and Dynasty weren`t enough) and produce Monaco alongside Premier at Bramalea.

One problem: Even before Chrysler produced the first Monaco, it acknowledged that its coming LH body midsize sedan based on the Eagle Optima concept car will replace Monaco and Premier in the 1993 model year.

Some way to start life-being sentenced to three years before having to pack it in.

Those who had the opportunity to view the Eagle Optima at the recent Chicago Auto Show had an early peek at the `93 LH sedan. Optima`s dramatic aerodynamic styling is yet another woe for Monaco.

Not only is Monaco to be replaced shortly after it`s introduced, it`s going to be replaced by one of the most dynamically styled cars Chrysler designers have come up with since Viper.

Some motivation to run out and get a Monaco.

The Monaco comes in entry-level LE and top-of-the-line ES versions. We test-drove the `90 LE.

Monaco is built on a 106-inch wheelbase and is 192.8 inches long, the same dimensions as Premier,which makes it about the same size as a Ford Taurus.

Power is provided by a 3-liter, 150-horsepower, fuel-injected V-6, a Renault engine, not the 3-liter from Chrysler`s Mitsubishi partner in Japan. The V-6 is teamed with a 4-speed automatic transmission.

The V-6 provides good power once you approach cruising, but it takes a while to get in motion off the line. The V-6 develops 150 horsepower once it gets to 5,000 r.p.m., so expect to amble a bit moving from a light.

The EPA rating is 17 miles per gallon city and 26 highway.

A major improvement is the gear shift lever. Premier in past years situated the lever in a pod to the right of the steering wheel, an awkward unit in an awkward location.

Monaco and its sister Premier for `90 house the lever in the more traditional and easier to locate and use floor console.

We`d hope Chrysler now would make one other change in Monaco (and Premier), even before the replacements arrive. The accelerator pedal stands a bit high off the floor, and the angle is tipped too much toward the firewall. We found our foot slipped off the pedal on a few occasions.

Interior room is good up front; in back, it`s a little tight. Trunk room is more than ample.

Though Monaco is Taurus-sized, the Ford product offers steadier ride and surer handling. We`d opt for the larger, optional 15-inch all-season tires over the standard 14-inch all-season treads, to make Monaco a bit more sure- footed.

Monaco`s suspension is also a bit stiff, and a fa ir amount of road harshness is transmitted back to the wheel. Unlike Taurus and its sister car, the Mercury Sable, however, the Monaco doesn`t feel overly weighty in the wheel.

Standard equipment includes power steering, AM/FM stereo, reclining bucket seats with armrests, center console with two built-in cupholders, rear- window defroster, tinted glass, dual overhead map lights, intermittent wipers and stainless steel exhaust.

Our test car was equipped with variable-speed wipers, which meant the more water that hit the windshield, the faster the wipers worked; the less moisture, the slower they`d move.

Chrysler has been testing such a system for expanded usage in its cars in the near future. It`s a great system. A truck passed and splashed the windshield with what seemed a 5-gallon bucket of water. The wipers immediately went from gentle to rapid sweep without us having to fumble for a control.

The upgraded ES adds air conditioning, power brakes, touring suspension with gas-charged struts/rear gas shocks/antisway bars, leather-wrapped steering wheel, dual remote mirrors, two-tone paint, AM-FM stereo with cassette and all-season 14-inch performance tires mounted on polycast wheels. Power seats, compact disc player, electric sunroof, cruise control, tilt steering and 15-inch performance tires are options available on the ES. The 15-inch tires are available on the LE, but only with an enthusiast package that includes four-wheel disc brakes, touring suspension and aluminum wheels. The Monaco LE price starts at $15,460, the ES at $18,060. That compares with $15,350 on the base Eagle Premier and $17,845 on the top-of-the-line Premier ES.

>> 1990 Dodge Monaco LE
Wheelbase: 106 inches Length: 192.8 inches Engine: 3 liter, 150 h.p. V-6 Transmission: 4-speed automatic Fuel economy:17/26 m.p.g. Base price: $15,460 Strong point: Helps keep Bramalea busy Weakpoint: A replacement only 3 years away >>