Mazda made only a few minor upgrades to the MX-5 Miata for the 1992 model year. The popular two-seat convertible was available in new colors (black and yellow), in addition to red, white and blue, and a rear-window defogger was added to the removable hardtop, which was available as an option (a manually operated soft top was standard equipment).

The MX-5 Miata was powered by a 116-horsepower, 1.6-liter, double-overhead-cam four-cylinder engine with multi-port electronic fuel injection. A five-speed manual transmission was standard, while a four-speed automatic was optional.

In addition to the soft top, standard equipment for the MX-5 Miata included bucket seats, power brakes, a four-wheel double-wishbone suspension, retractable halogen headlights, a driver's-side airbag, a three-spoke steering wheel, a remote trunk release (new for 1992), intermittent windshield wipers, and 14-inch wheels. Options included air conditioning, power windows, antilock brakes, cruise control, aluminum alloy wheels, and leather seats.

Drivers considered the MX-5 Miata to be not only a fun car to drive, but also a good value. They gave it positive marks for its responsive handling, styling, reliability, durability, and fuel economy. On the negative side, views out the rear were said to be a bit restricted, the interior could be cramped, and trunk space was limited, drivers noted.