Courtesy BMW of North America via The New York TimesThe badge reads M, but the model is the M235i with its fierce 320-horsepower turbocharged in-line 6.

As compact and midsize luxury models have steadily inflated in size and price, the carmakers have noticed the gaping hole at the truly small, $30,000-to-$40,000 end of their showrooms.

On the crossover side, BMW has filled that hole with the petite X1, to sell alongside Xs numbered 3, 4, 5, 6 and soon, 7.

With that tick-tack-toe board complete, the new 2 Series coupe arrives. And with all respect to BMW, my imaginary billboard would honestly cite the 2 Series mission statement: “Because you can’t afford a 3 Series.”

Seriously, some fans do crave a smaller, lighter BMW, closer in spirit — if not in reality — to the primitive 2002 model that first appeared here in 1968. In 2014, that car is the 2 Series, a replacement for the 1 Series, a scrunched ball of fun that, for all its charm, seemed a bit of an outlier in the BMW lineup.

Compared with the 1 models, the handsome 2 Series inherits more of the family genes, with less stubby proportions and more interior luxury and technology. And man, is it a blast to drive, especially the M235i version with its fierce 320-horsepower turbocharged in-line 6. That’s actually 20 more horses than the more expensive 435i, the next rung up on BMW’s coupe ladder.

The wallet-pressing issue is that the 2015 M235i, which comes laden with performance-boosting gear, costs $44,050 to start — just $2,900 less than the prettier, roomier 435i.

In other words, it’s a BMW, not a bargain. That role falls to the 228i, amply and efficiently moved by 240 horses from the 2-liter turbo 4 found in many larger BMWs. The 2015 228i starts at $33,050 — a significant $8,375 less than the 428i coupe with the same engine — and $11,000 less than the M235i. For either version, throw in $1,800 for xDrive AWD.

At 175.9 inches, the new coupe is nearly 3 inches longer than the 1 Series. A slightly lower roofline and some subtle body sculpturing help emphasize the car’s length. Front headroom and rear legroom are up 0.8 inch.

Channels in the apron along the front of the car direct air at the wheel arches — BMW calls the feature Air Curtains — to improve aerodynamics and reduce fuel consumption. Efficiency gets another boost from a standard engine stop-start system.

And in automatic models, BMW says, a coasting mode disengages the powertrain at speeds from 30 to 100 mph when a driver lifts off the gas. Fuel economy with the automatic transmission is 23 mpg in town and 35 mpg on the highway for the 228i, with the M235i nearly as frugal at 22/33 mpg (though the six-speed manual drops to 19/28).

Yawning air inlets up front suggest the M235i’s high-speed mission. Bonus interior bits include front sport seats, an M leather multifunction steering wheel, a red-dial instrument cluster and unfortunately, BMW’s dowdy Aluminum Hexagon interior trim.

This being BMW, it’s possible to take the good stuff for granted: The chassis, brakes, seats and stirring handling; sophisticated powertrains that are virtually unmatched in their one-two punch of power and fuel efficiency. But with that goodness a given, your attention wanders to BMW’s sore spots: stingy standard features, greedily priced options and increasingly complacent interior design.

Loaded up, even this 2 Series could blast past $50,000. Out-the-door at $46,575, my M235i still lacked a slew of optional luxury features, including a navigation system, high-end audio and a backup camera.

For the M235i, BMW cites a conservative yet still-blistering 4.8-second sprint from 0-60 mph, abetted by the near-perfect eight-speed automatic transmission. Even the 228i automatic manages the trick in 5.4 seconds. And bless BMW for keeping the manual-transmission faith, offering its six-speed stick on either version (though not with xDrive).

Girded with M gear, a rear-drive layout and 52:48 weight distribution, the M235i presses major performance advantages over competitors that are based on front-drive chassis. Even so, the best intersection of price-and-performance may be the 228i with a $2,200 Track Handling Package. It includes an M Adaptive Suspension, sticky 18-inch Michelin Pilot Super Sport tires on alloy wheels, Variable Sport Steering and M Sport brakes.