After a four-year absence, the stylish Audi A4 Cabriolet has returned. While the nouveu riche bought BMW 3-Series ragtops as fast as they could make them, the more sophisticated among us opted for the more exclusive, limited-volume Audi Cabriolet.

A BMW 3-Series convertible is a familiar sight that has long since stopped impressing anyone, while the Cabriolet leaves people trying to guess what it is — if you get my drift.

That also was the situation with the 1994-98 versions of the Cabriolet. It was an absolutely superb touring car that dripped sophistication the way old Chevy Corvairs dripped oil. However, it was pretty spendy back then, could have used more power and had little room for people or cargo beyond the front-seat.

At a base price of $41,500, the new 2003 front-wheel drive Cabriolet isn’t exactly cheap either. Our Alpaka Beige Pearl (cinnamon for you less sophisticated readers) test model stickered at $46,685, including destination charges. It included the premium leather seats ($1,000) that were heated ($450), a color coordinated convertible top ($450), Bose premium sound system ($650), 17 inch cast alloy wheels ($500), and the $1,475 Premium Package, which includes Homelink remote transmitter, Xenon headlights, memory options for the seating and mirror positions, auto-dimming mirrors and a multi-function steering wheel.

Although it looks a lot like the old Cabriolet, it’s larger and more powerful — although not so big it isn’t still very convenient when it comes to things like parking, garaging and just plain tooling through traffic.

The 2003 model is based on the Audi A4. At 180 inches, it’s four inches longer than the old model, 2.4 inches wider, and features 3.9-inch longer wheelbase.

The Cabriolet is powered by a 220 horse, 3-liter, five valve per cylinder, variable-timed dual overhead camshaft, aluminum V6. It boasts a top speed of 130 mph and does the 0-to-60 drill in 7.6 seconds. Obviously, the Cabriolet is still no dragster. That’s because the engine is fairly small for a car that weighs in at a hefty 3,814 pounds. Part of that weight comes from body reinforcements such as stiffening bars that run under the cabin.

On the other hand, the engine loafs at around 2,200 rpm doing 75 mph, which contributes to its 27-mpg highway rating. But the weight also bogs it down to a 20-mpg city rating. However, the 18.5-gallon fuel tank allows for some longer drive times between fill-ups.

The European Cabriolet is offered with a 5-speed manual gearbox but the American version is available only with a smooth “Multronic” continuously variable automatic transmission with a manual shift feature.

The interior is stylish but not overdone, featuring a band of wood trim. It’s very comfortable and roomy enough for a couple of six-footers in the front buckets, which also provide good support when taking the Cabriolet through some serious curves. The rear seat accommodates two adults in reasonable comfort — at least on short trips. Instrumentation is Audi’s signature red — both night and day.

Trunk space is decent for a small convertible, offering up 11.1 cubic feet of space with the top up. It has a low opening and a small lid that is propelled upwards on hydraulic struts. In my view, the trunk is best suited to soft luggage.

Because it’s relatively heavy, the new Cabriolet feels extremely solid — even with the top down, over large bumps. A much stronger structure also helps eliminate the typical convertible rattles, shakes and other sundry noises.

The convertible top has a heavily padded, three-layer design with a heated glass rear window. It not only helps keep the interior fairly quiet when raised, but it also works beautifully — lowering in 24 seconds at the touch of a button and coming back to where it should for easy refastening. It hides under a solid cover that closes absolutely flush with the body.

Although the Cabriolet doesn’t have the quick and elegant moves of Audi’s hot TT sports car (which replaced the old Cabriolet) handling is athletic and predictable thanks to the latest version of Audi’s aluminum-intensive suspension, which is lowered about an inch to drop the center of gravity. The standard Electronic Stabilization Program also helps prevents skids and the precise steering has a very good road feel with just the right amount of power assist.

There are anti-lock brakes with electronic brake-force distribution, along with hydraulic Brake Assist, which automatically senses emergency braking situations and applies maximum power boost to reduce stopping distances. The brake pedal has excellent feel, and stopping distances are short.

Safety features include the requisite dual front and side airbags as well as strengthened windshield posts and tubular bars that pop out from behind the rear head restraints in case of a rollover.

Whines: There is very little wind buffeting with the top down at highway speeds, but with it up rear visibility is poor. European automakers think cupholders are silly but indulge the American market with some cleaver designs. There is a pop-out cupholder up front, along with a conventional one in the console area — but both are rather inconveniently located.

Bottom Line: The sophisticated, restyled Audi A4 Cabriolet has made a more than impressive comeback. And I have to admit a personal bias here, having personally owned two Audis, which I just loved. Although it’s pretty spendy, it’s stylish, urbane, and like my previous Audis (a 4000 2-door sedan and a Quattro Coupe), could turn out to be one of those cars the owner just hates to part with.