Despite deserved praise for the 2005 Chevrolet Cobalt, this car is not likely to age well. First, the hardware is unimpressive, unrefined, and creates a dull driving experience. Let’s hope the upcoming Cobalt SS sedan gets more than just a bigger engine when it arrives for 2006.

Second, GM will probably start dumping the Cobalt into rental fleets after the last creaky Cavaliers are wholesaled to the Rent-A-Wrecks of the world. That’s great news for business travelers and vacationers who will no longer need to upgrade for a decent set of wheels, but is likely to depress resale values and exacerbate a negative brand equity equation that already exists among consumers.

Third, the price tag is too high. Granted, our Cobalt LS sedan, equipped with just the automatic transmission and side-curtain airbags, would have cost just $17,730, but that’s still in the neighborhood of the fun Ford Focus ZX4 SES, popular Honda Civic LX, value-laden Hyundai Elantra GT, upscale Mazda 3s, and durable Toyota Corolla LE. Boosting the Cobalt’s powertrain warranty was a great move; now GM needs to get the sticker price back in line to create an irresistible value equation.

Still, even with tweaks, the 2005 Chevrolet Cobalt might not prove good enough. GM has ignored the compact car segment for too long, and has made too many missteps in the past. Consumers have moved on, and a small Chevy is no longer on anyone’s radar screen.

That’s too bad, because the new Cobalt shows that the execs inside Detroit’s Renaissance Center might finally be getting a clue.