A fast Ford has almost always been a thing to savour. Whereas others have been happy to slap on the spoilers and pump up the performance, Ford could be relied upon to do it properly, often eschewing outright straight-line speed for a mesmeric blend of response, agility and feel.

I once followed a well-driven BMW M3 CSL in a Focus RS along one of my favourite roads. Despite the Ford costing less than half the money and possessing 100 fewer horsepower, I could sit on the BMW’s tail without any effort. That said everything about the Ford’s prodigious point-to-point pace and nothing at all about my driving skills.

It’s been a while since the Fiesta has been given the treatment, and we’ll swiftly pass by the Fiesta Turbo of the early 1990s because the kindest thing I can say about it is that it had quite nice seats. This new Fiesta ST150, however, was created by the same bunch responsible for the Focus RS, and the idea of a smaller, lighter car with even a smattering of the RS’s talents for just £13,595 sounded too good to be true. And, as we shall see, so it was.

The raw material is promising enough. A 148bhp 2 litre engine is stuffed under the bonnet of the three-door Fiesta, while suitable adjustments are made to the suspension (over 40% stiffer), steering (10% quicker) and brakes (with big discs at the front and discs replacing the rear drums).

The car was then handed to the marketing people, who inevitably bolted on a more aggressive front spoiler and outsize rear wing plus a chunky set of alloys before replacing the exterior trim with body-coloured parts and slotting in deep part-leather seats and a leather-rimmed steering wheel. And for those to whom the result does not yet smack sufficiently of an Essex boy-racer, full-length over-roof body-stripe transfers are available for just £150.

But while it undoubtedly looks the part, the driving experience falls far short of what you might expect, given its heritage and the skills of those charged with its creation.

The first big disappointment is the engine: it produces reasonable power (though the similarly priced Renaultsport Clio Cup delivers over 20% more from the same capacity) but does so with no real enthusiasm. Ford says it will squeal to 60mph in less than 8sec and reach almost 130mph and I don’t doubt that’s possible. What I wonder is who will want to extend this noisy, coarse motor to anything like its potential.

It offers good response across its rev range but it booms in the mid range and is gratingly harsh as the revs approach the 7000rpm red line. It’s better to change up early, relying on the strong low-down torque and excellent gearbox to keep you rolling along at a reasonable pace.

And, no question, the ST150 will cross countries safely at high speed, not least because the brakes are fabulous — by far the car’s finest feature. Really good fast Fords, however, have always lifted themselves clear of the competition in the corners, but in the Fiesta something is missing.

It is important not to misunderstand me here: the ST150 handles quite well, offering good steering feel and impressive grip, and while I would prefer it to understeer a little less and its steering to be a shade slower, these are minor niggles. Overall I’d say it was a pleasant car to drive down a good road.

Which, of course, is precisely the problem. Pleasant isn’t good enough these days: sure I’d drive it anywhere in preference to the miserable Peugeot 206 GTi, but the likes of the Clio Cup and Mini Cooper offer involvement and fun that the Fiesta, good though it is, cannot match.

More damningly, I drove it on some of the best roads in Tuscany and enjoyed myself less than I had driving the Clio on a one-hour route that started and finished at Manchester airport. But the real killer was the humble Fiesta Zetec-S I drove straight after the ST150: diesel-powered, with just 90bhp and far less sportingly configured, it had more involving handling, a considerably better ride and even more torque low down. In short, I preferred it.

This ST150 is not a blunder — it is attractive, capable, competitively priced and should sell well to the children of the XR2 generation. But it’s not as good as it should be — and these days and in this market that’s not good enough.

Privately, Ford talks in enticing terms about the fast versions of the new Focus that Team RS, the body responsible for this Fiesta, is now working on. I just hope that in all the deliberations the business of perpetuating the great heritage of Ford’s performance cars is taken a little more seriously than it is here.

Vital statistics

Model Ford Fiesta ST150
Engine type Four-cylinder, 1999cc
Power/Torque 148bhp @ 6000rpm / 140 lb ft @ 4500rpm
Transmission Five-speed manual
Fuel/CO2 38.2mpg (combined) / 179g/km
Performance 0-60mph: 7.9sec / Top speed: 129mph
Tyres 205/45 R17
Price £13,595
Verdict Not bad, but a great opportunity missed by a mile
Rating 2/5

The opposition

Model Renaultsport Clio 182 Cup, £13,800
For Great performance, terrific handling, bargain price
Against Awful driving position, tinny build quality

Model Mini Cooper S, £15,180
For Style, supercharged engine, fun to drive
Against Expensive, impractical and becoming cliched