The Version R is joined in the marketplace by the Colt Plus Ralliart, which applies the same powertrain and similar interior enhancements to the more practical Colt Plus wagon. Its exterior styling is slightly more subdued than the hot-rodded Version R.

The mechanical changes seem to be located in the stiffened suspension, the bigger brake discs (from the European Colt Turbo) and a new exhaust system that slightly improves the 1.5 Turbocharged engine (154hp@6000rpm, torque 21.4kg-m@3500rpm. The Ralliart Version-R kit is also available with Mitsubishi's compact MPV edition of the Colt, Colt Plus.

The most notable addition comes in the form of the Colt Ralliart Version R, a hotted-up version of the Colt that is powered by a 154 hp 1.5 liter MIVEC four-cylinder, which is joined to either a Getrag 5-speed manual or the INVECS-III 6-CVT. The exterior gets aggressive styling cues in the form of a deep and purposeful front spoiler, Ralliart badging, hood intake, blacked-out fender flares and rocker panels, a high-mount spoiler and a sporty rear bumper treatment. It rides on 16" seven-spoke wheels, which hide 15" brake discs in front and 14-inchers in back. Inside, Recaro seating, aluminum trimmed pedals, and a leather-wrapped shifter (for the 5-speed) round out the hihghlights.