New Mitsubishi Evo X in action

If you're looking for supercar performance on a budget, you can forget costly Ferraris, Lambos and Astons.

Because there's a car whose performance rivals the most exclusive of marques – yet costs a fraction of the price.

That car is the Mitsubishi Lancer Evolution, and through nine incarnations over the past 16 years it has built up a formidable reputation as one of the fastest saloons on the road.

There's certainly little at under £50,000 to touch it. The rally-bred Evo, as it is more commonly known, can hit 60mph in 3.9 seconds.

Its looks have remained rooted in the 1980s – despite the addition of spoilers, bonnet air scoops, a grille inspired by Mount Fuji and a rear air diffuser that looks like a row of shark's teeth.

Traditionally, acceleration has come at the expense of comfort.

Motorway cruising would have drivers reaching for the Anadins because of the boom from the engine, and the ride was so hard you needed to check your fillings every time you got out of the car.

The interior was crude, and earlier models did not even possess a radio as standard.

All that has changed. The eagerly awaited 10th version of the Evo has finally arrived – and for once, Mitsubishi has opted for revolution rather than evolution.

The Evo X has a completely new, more stylish design with a particularly aggressive front end inspired by fighter jet engines.

There's also a far higher quality, and more spacious, interior as Mitsubishi attempts to win over buyers who would normally be in the market for a premium German sports saloon like a BMW M3 or Audi RS4.

The Evo is now a far more rounded vehicle – it rides more smoothly and there's less noise due to the extra sound-proofing.

But it still goes like stink, of course, thanks to its new turbo-charged two-litre engine.

The new UK Evo has still to have its performance officially verified but the figures are expected to match the previous model.

That means the range-topping FQ360 will be good for a sub four second 0-60mph time – despite carrying extra weight of around100kg.

The car comes with an array of electronic gizmos – what Mitsubishi refers to as "hi-tech brain power" – to keep you on the straight and narrow.

And its peerless four-wheel drive system with varying levels of traction control, advanced suspension and razor-sharp steering make the car easy to drive – even for a relative novice, as I found when I hurtled round the track at Prodrive's Warwickshire headquarters this week.

• The full blown Evo is available in three versions from March 1 with prices ranging from £27,499 to £37,999.

The Ralliart Sportback hot hatch arrives in September and will cost just above £20,000.