TheMercuryNews.com's view

Two schools of thought swim around the arrival of the 2006 Porsche Cayman S coupe.

One insists that this new car is so good that it’ll cannibalize the sales of the legendary, but much more expensive, Porsche 911 Carrera models.

The other, and the one that I’ve spent more time considering, also is about money: So, how can a hardtop model cost so much more than the convertible that it’s based upon? Porsche describes the Cayman S as a “Boxster-based two-seat coupe.” So why does the Cayman S cost $4,000 more ($58,900 vs. $54,700) than the Boxster S?

That’s just wrong.

The Mini Cooper S convertible is $4,000 more than the hardtop version. The Ford Mustang GT Premium convertible costs about $4,000 more than the comparable coupe. The BMW 650i convertible is $81,195, or $7,700 more than a 650i coupe.

Even Porsche usually believes in this auto-world math. Its 911 Carrera 4 Cabriolet (Porsche speak for a convertible) is a cool 10 grand more expensive than the 911 Carrera 4 coupe.

So why does the Cayman cost more than the Boxster? Well, because it’s a new car model, which doesn’t happen too often with Porsche, so the German automaker can get away with it.

Porsche says the engine is a key difference. The Boxster S has a 3.2-liter six-cylinder, while the Cayman’s measures 3.4 liters. It gets its cylinder heads and its variable-valve technology from the 911 Carrera. Horsepower is rated at 295, torque at 250 pound-feet and 0-to-60-mph time at 5.1 seconds. Those numbers are somewhat superior to those listed for the Boxster S.

The Boxster S and Cayman S share chassis and suspension components, but the Cayman is a bit larger (a half-inch taller and longer) and more rigid, thanks to its fixed roof. It gets suspension tweaks, too.

And that’s where the Cayman S shines — on the road. Handling is simply phenomenal. I get to drive a lot of fast cars, but few compare with how precise this one feels. It’s a car where drivers can enjoy a back road full of switchbacks even while traveling at just 30 or 40 mph. And that confidence-inspiring road-holding improves with speed.

Fuel mileage, at 20 mpg in the city and 28 mpg on the highway, is surprisingly good. And since it’s a mid-engine, rear-drive car, both front and back storage is available. The space under the rear hatch feels massive — for a Porsche car, anyway.

Design-wise, the Cayman S comes across as a much more serious character than the carefree Boxster. It flows aggressively from front to rear, with an especially pronounced plunging back half.

The cabin is predictably functional with tiny buttons and dials, but a thick steering wheel. Our test model came with the Sport Chrono package ($920) that added a lap-time clock in the center of the dash.

With Porsche, everything is expensive, which helps keep it an exclusive marque. That said, $73,000-plus feels like a stiff tariff for a hard-top Boxster. But it feels a bit more palatable for a car that nears the 911 for most drivers on most roads.

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Contact Matt Nauman at mnauman@mercurynews.com or (408) 920-5701.