For performance driving, nothing beats the combination of a compact size, light weight, and rear-wheel-drive. But those seeking this combination on a budget have had only a couple of choices in recent years, both of them from Mazda. But the RX-8 is gone for 2012, and not everyone wants a convertible. To fill this hole in the market, Toyota and Subaru have jointly developed a compact sports coupe. In North America it will be offered as the Scion FR-S and Subaru BRZ. Both will reach dealers in May as early 2013 models.

The Scion is available in a single trim level. The BRZ is available in two, with even the lower one more heavily equipped than the $24,930 Scion. So we essentially have three trim levels to choose from. The $26,265 BRZ Premium adds a navigation system and automatic xenon headlights. The $28,265 BRZ Limited further adds heated leather seats, dual zone automatic climate control, proximity key, fog lights, and a rear spoiler.

Which is the best value? TrueDelta’s car price comparison tool includes default feature values that members can modify. Using these default values, the BRZ Premium is actually around $500 less than the Scion after adjusting for feature differences. The BRZ Limited is another $200 lower. So if you want nav and/or leather, Subaru has priced both trim levels to be good values.

But there’s another variable: Scion dealers have to charge everyone the same price (usually the sticker price) while Subura dealers can adjust the price from deal to deal as they please. In the short term, with the cars in high demand, many Subaru dealers will be demanding more than MSRP. Down the road, they’ll likely be discounting the cars. So the Scion could be the better value well into 2013, after which the Suburu might become the smart way to go.

If you’re okay with (or perhaps even want) an additional 16 inches of length and an additional quarter-ton of curb weight in your sports coupe, Hyundai has revised its Genesis Coupe for 2013. The 2012 Genesis Coupe in performance “R-Spec” trim was priced about $400 higher than the FR-S, and adjusting for feature differences cut this to less than $100. But Hyundai has raised prices a substantial $2,000 for 2013. The base Genesis Coupe is now priced close to the FR-S, but without the R-Specs performance tires, sport suspension, and limited-slip differential it doesn’t handle as well.