The best thing about the Motorola Moto G is that it’s terrific value for money. For less than $200, you get a device with a snappy quad-core processor, 1GB of RAM, a 720p display, and a capable 5-megapixel camera. But if you give it a Kevlar backplate and slap a few Ferrari logos on it, that price tag quickly inflates.

The new Ferrari Edition Moto G is almost double the price of the original, and yet internally it’s exactly the same.

Under the hood, then, you get the same Snapdragon 400 processor, the same Adreno 305 graphics, the same amount of RAM, and the same cameras. This model is identical to the latest Moto G, so you get LTE connectivity and a microSD card slot, too.

On the back of the device, however, there’s a fancy new Kevlar backplate with is finished with a shinny Ferrari badge, and a sleek red accent around the camera. On the front, the headset grille has also been painted red, and there’s a silver Ferrari logo beneath the display.

The Ferrari Edition Moto G does look good — there’s no denying that. It hasn’t been painted bright red all over, which I think is a good thing, and it looks like it could be a flagship device. But its hefty price tag takes away the appeal that has made the original Moto G such a popular midrange device.

It’s only available in Mexico initially, and it’s priced at 4,999 peso, which is around $390 in U.S. money.

For $349, you could get a Nexus 5, which has a 1080p display, a faster Snapdragon 800 processor, and a better 8-megapixel rear-facing camera. And in a few months, you’ll be able to pick up the OnePlus One for just $299 — and that really is a flagship phone.