The 2007 Mazda Miata MX5 for is offered in four models, the SV ($21,030), Sport ($22,030), Touring ($23,835), and Grand Touring ($25,095). All are powered by a 2-liter DOHC, 16-valve, 4-cylinder engine. The SV and Sport have a five-speed short-throw manual transmission standard with the Touring and Grand Touring jumping to a six-speed. Estimated fuel efficiency numbers are 25 city, 30 highway for the SV and Sport with the manual transmission (22/30 with an automatic) and 24/30 for the Touring and Grand Touring (22/30 automatic.)

All models come standard with dual front airbags (with a passenger deactivation switch), engine immobilizer, side impact bags, side impact door beams, and three point seat belts for the driver and all passengers. A tire pressure monitor system is an option on the Touring and Grand Touring models.

The SV and Sport models have a four-speaker AM/FM/CD combo standard with speed sensing automatic volume control. (The Sport and all models above it have SIRIUS satellite radio.) The audio system on the Touring edition is a six-speaker AM/FM/CD combo while the Grand Touring has a seven-speaker Bose system.