Mediocrity in defense of value can be a virtue.

Consider the 2009 Chevrolet Aveo5 2LT subcompact car. It is not at the top of the subcompact class. Nor is it at the bottom. No one will name it “Car of the Year.” But it is a strong contender for “Best Bargain.”

The emphasis is on “bargain,” which implies trade-offs. In the case of the Aveo, it’s a straight-up deal.

It isn’t pretty. But it isn’t ugly, either. Its body was modestly revised for 2009. The Aveo’s nose has been lengthened. The front end now sports Chevrolet’s globally recognized design cues — a wide-mouthed, bifurcated grille with a big, gold bow-tie insignia on the middle bar.

It’s clean and uncluttered. It works. And the now-obvious Chevrolet identity confers ownership upon the Aveo, the corporate child of a convenient marriage between General Motors and Daewoo of South Korea.

When it was introduced to the U.S. market in 2004, the Aveo had all of the confidence and personality of an afterthought. It was something that came along with the marriage instead of something spawned by it. Neither parent seemed to take much interest in its well-being until its potential was highlighted by rising gasoline prices in the United States.

The Aveo’s re-skinning reflects that renewed interest. Unfortunately, it does not carry into the car’s interior, where ergonomics are wanting. Some simple things are messed up. For example, there is a retractable cup holder inconveniently placed adjacent to the manual gearshift lever. Have you ever tried working a manual gear lever in the vicinity of a Big Gulp drink or a cup of coffee? It’s a spill accident waiting to happen. The Honda Fit’s approach is better. The Fit has deep cup holders at either end of the dashboard, easily accessible to the driver and front-seat passenger, positioned to reduce the danger of in-traffic spills. That’s a smart, thoughtful design.

Such seemingly small things make big differences in consumer happiness. They constitute the triumph of “best” over “OK.”

Look closer at the Fit and the Aveo. The Fit has more “best” features — including an interior that is more easily rearranged to accommodate a variety of load scenarios. Sitting in the new Fit, you get the feeling that Honda’s designer loved putting it together. Thus, owning and driving it puts you in a good mood, too.

But it’s more difficult to feel the love in the Aveo. It no longer feels like a neglected child. But it doesn’t feel special. It’s OK, adequate.

Therein rests the difference between going to market with a car that will enhance profits and one that will erode them.

Consumers are willing to pay only so much for “adequate.”

If asked to pay more, they’ll balk — or cross the retail industry’s River of Denial to buy something they deem worthy of a higher price.

Consider: Both the Chevrolet Aveo and Honda Fit have sold well recently, largely in response to U.S. consumer reaction to higher gas prices. But fuel efficiency only counts for so much. Panache sustains sales and supports profits. The Fit has panache. The Aveo doesn’t.

Look at the most recent U.S. auto sales numbers published by Automotive News. Aveo sales seem to be dipping in tandem with the recent dips in U.S. pump prices — slipping to 42,614 cars in the first eight months of 2008, down 1.8 percent from 43,414 sold in the same period last year.

But the Fit is going gangbusters, with 56,853 sold in the first eight months of this year, a 55.7 percent increase over the 36,520 sold in the United States in 2007. Honda thinks it can sell 80,000 Fit cars in the United States for the full year.

That kind of consumer demand speaks to why so many Honda dealers have been charging top dollar for the Fit. If there are consumers willing to pay it, why not charge it?

And that, ironically, makes the Aveo a darned good deal. It’s a good car: reliable, serviceable and fuel-efficient. It’s not special. But it’s priced right.

The bottom line

Complaint: The Aveo’s strength is its weakness. It’s nothing special. Ride, acceleration and handling: It gets decent marks. You won’t walk home. But neither will you write sonnets praising its performance. Head-turning quotient: It at least now looks like a member of the Chevrolet family. Considering the Aveo’s previously amorphous personality, that is a very good thing. Plus, it is primarily designed for fuel economy and commuting. Capacities: There are seats for five people. With the rear seats up, cargo space is 7.1 cubic feet. With those seats folded down, it is 42 cubic feet (compared with a maximum 57 cubic feet in the Honda Fit). The Aveo’s fuel tank holds 12 gallons of recommended regular unleaded gasoline. Mileage: My associate, Ria Manglapus, loved the fuel economy of this one, especially in the city, where it got 27 miles per gallon. This is a right-lane car on the highway, where it gets 34 mpg. Safety: It’s a small car, and mass usually wins in contests between large and small. But the Aveo has other potential vulnerabilities: It has side air bags but lacks head air bags. Antilock brakes are optional. It lacks electronic stability and traction control.

2009 Chevrolet Aveo5 2LT

Base price: $14,860

As tested: $15,520

Type: Front-engine, front-wheel-drive subcompact entry-level car (wagonlike hatchback tested; also available as four-door sedan)

Engine: 1.6-liter, inline four-cylinder, 16-valve engine with electronically controlled variable-valve timing (for improved fuel economy); mated to standard five-speed manual transmission

Mileage: 27 mpg city, 34 mpg highway