A no-reserve 1995 Mazda MX-5 Miata M-Edition currently listed on Cars & Bids is doing exactly what clean first-generation roadsters tend to do these days: climbing fast. With two days left on the clock, the merlot-over-tan NA had already bid up to $14,000 across more than a dozen bids, a number that says as much about the state of the 1990s Japanese car market as it does about this particular example.
The M-Edition was always a special version of the NA Miata, and the 1995 cars are arguably the most coveted of the run. This is the only U.S.-market NA to pair adjustable headrests with the now-iconic set of 15-inch BBS wheels, and the deep Merlot Mica paint gives it a richness that the more common red and white cars simply can't match. This particular roadster wears a body-colored hardtop, a tan softtop, and a black-and-tan leather interior, and it backs up the looks with the equipment enthusiasts actually want.
Under the hood is the 1.8-liter inline-four, and crucially it's mated to the five-speed manual rather than the automatic. A Torsen limited-slip differential, anti-lock brakes, air conditioning, power steering, and cruise control round out the spec, while a strut tower brace, Sparco shift knob and pedals, and an Eunos Roadster-style rear badge add a light period-correct flavor without straying from stock. The odometer reads roughly 56,200 miles, low enough to keep collectors interested but high enough that the car is clearly meant to be driven.
It isn't flawless, and the listing is refreshingly upfront about that. A Carfax report notes a November 1999 rear-end accident that led to a respray of the rear bumper, the tires carry 2016 date codes and are due for replacement, and there's the usual sun fading, chips, and light interior wear you'd expect from a 30-year-old car. Commenters have flagged the original-age timing belt and an aging radiator as sensible near-term maintenance items. None of that has cooled bidding, which tells you something important about where buyer priorities sit right now.
That something is the broader surge in demand for clean, honest 1990s Japanese cars. A decade ago, a tidy NA Miata was a cheap weekend toy you could find for a few thousand dollars. Today, well-kept examples, special editions in particular, regularly press into the mid-teens and beyond, and the M-Edition sits right at the front of that wave. The generation that grew up on these cars now has the budget to buy the ones they couldn't afford new, and the simplicity that once made the Miata feel disposable is exactly what makes it desirable in an era of heavy, screen-laden modern cars.
The Miata isn't alone, either. The same enthusiasm lifting clean NA values is driving up prices for everything from Honda's Civic and Integra to the Toyota Supra, Nissan's 300ZX and Skyline, and Mazda's own RX-7. Low production special editions, manual transmissions, unmodified examples, and documented histories are the traits buyers chase hardest, and this M-Edition checks most of those boxes. For anyone tracking the 1990s Japanese market, a no-reserve sale like this is a useful data point, and with two days still to run, the final number could climb higher yet.
