Like homes in the coastal California city from which it draws its name, the Chevy Malibu comes in different forms and at different price points to suit a wide variety of buyers. But while the biggest and most excessive houses in Malibu will always be the most valuable, such isn't the case with the mid-size Chevy sedan. Especially now, as skyrocketing gas prices are sucking us speed freaks back toward reality and bringing about questions like, "Does my sensible family sedan really need 252 hp?" A late addition to the Malibu line-up, a four-cylinder LTZ model with a new six-speed automatic, makes a good case for "no."

That's because this new Malibu is the one that has it all: economy, comfort, and decent performance. The Hydramatic 4T45 four-speed found in lower-end models is plagued by hard shifts from the larger ratios it's forced to jump, and it also slows the engine's revs as the 169-hp four-cylinder struggles with the long climbs through each gear. The 6T40 six-speed, however, is a wonderful transmission. Shifts are quick and smooth, and there's none of the droning noise that accompanies the four-speed's struggles to reach into the powerband. Those shifts can be done manually via wheel-mounted paddles, and unlike with the four-speed, they're not just there to look sporty. They're actually useful.

You might be asking yourself: If the four-cylinder/six-speed combination is intended for people looking for better efficiency, why wouldn't those buyers just go for a Malibu Hybrid instead? At $24,290, the hybrid is cheaper than the four-cylinder LTZ, which costs $26,545, and it has the better EPA numbers: 24 city/32 highway versus the LTZ's 22/32. Well, all that hybrid money goes into complicated systems and heavy batteries that diminish the car's handling, and the hybrid's $2255 savings bring with it a base cloth interior, small wheels, softer suspension, and that dreaded four-speed. Furthermore, the hybrid's regenerative brakes make the pedal springy and difficult to modulate smoothly. The LTZ comes standard with more exterior brightwork, larger (17-inch) wheels, and a two-tone leather interior.

Buyers from the other end of the spectrum — those who want the biggest and fastest — might be won over by the 4-cyl/6AT's balanced performance, too. The 3.6-liter V-6, while lovely, causes a ton of wheelspin and torque steer, making it frustrating to drive in anything but perfect, sunny weather. The 2.4-liter doesn't have those problems, and with this proper transmission it's still quick and fun to drive. The biggest disappointment with this new variant of Malibu is that one must pay LTZ money for the best engine/transmission combination, while other companies offer their most competitive four-cylinder drivetrain options across their lineups. That will change next year, as the drivetrain moves into lower echelons of the Malibu beachfront. Still, the view's pretty good from here.