THE 9-5 is the Saab that refuses to die. Designed and developed under General Motors, it was mothballed when the ailing American giant decided to pull the plug on its Swedish subsidiary last year.

Saab was saved at the 11th hour by Victor Muller, who also owns the Dutch supercar-maker Spyker.

The deal may have cost, in Muller’s own words, “less than the price of a wind tunnel” , but it came with a sting in the tale.

For his $74m, Muller bought the company, the ageing 9-3 and the new 9-5, but stock levels at Saab’s Trollhatten factory had been run down before GM bailed out. The company had just 5,000 complete cars to sell worldwide.

Saab’s rebirth to date has been fraught, to say the least. The new management team is racing to develop new models, including a replacement for the 9-3, a premium small car (the 9-1) and a 4x4 cross-over (9-4X), but such an ambitious new model program costs money - lots and lots of money.

Last month, the Saab factory ground to a halt amid claims that some suppliers hadn’t been paid.

But the production line is running again, thanks to a hasty refinancing operation which included investment from a Chinese car maker called Hawtai, a shares issue, the sale of the Spyker sportscar operations and a sale-and-lease deal on the Saab factory.

A relieved Muller said: “Our short and medium term financing needs are fulfilled. That puts to bed the credit crunch the company went through in April.”

Maybe so but, if Saab is to have a viable long term future, it can’t make any mistakes. The 9-5 really is the “last chance saloon”.

So is it any good?

Well, it’s certainly big. Although it uses the GM Epsilon platform - which is also the basis of the Vauxhall Insignia - Saab has stretched the platform, adding an extra 100mm over an Insignia most of which has gone into the rear seating area which offers excellent leg and knee room.

The old 9-5 was a big car for its class and the new model continues to offer plenty of metal for your money. Although it is priced against the A6 and 5-Series, the 9-5’s 5008mm length actually places it closer to Mercedes S-Class territory.

The 515-litre boot is as big as an A6 or a 5-Series as makes no difference.

It’s good value, too. The 2.0 TiD Vector on test is a couple of grand cheaper than the equivalent from Audi, so the 9-5 gets off to a flying start.

In a nod to Saab tradition, the started button is down by the transmission tunnel and there’s a “black panel” button which switches off all the instruments, other than the speedo, at night like on a jet fighter. The fresh air vents are familiar, too. Their little joystick adjusters are carry-overs from the previous 9-5.

There are still some signs of where GM’s bean counters have been at work. The steering wheel is ripped straight from an Insignia, as are the door handles, but, mostly, the 9-5 has a distinct flavour of its own.

However, Audi has made cabin creation a virtual art form in this class and some of the plastics used in the 9-5 don’t measure up to its German rivals. It’s a bit gloomy, as well, but Saab cognoscenti would counter that Swedish cars just go about their business in a more no-nonsense fashion.

I liked the 9-5’s looks - unmistakably Saab but with a modern new twist - especially the shapely rump with its streamlined, curvaceous surfacing and horizontal wraparound lights. The little front wing cut out near the front door looks like an air vent but actually serves no useful purpose. I guess it’s just a Swedish designer’s idea of “bling”.

Although we’d all like to drive the 2.8-litre V6 with its 300bhp heft, in Britain two-thirds of buyers are set to opt for a sensible diesel. The TiD has a single variable geometry turbo, the racier TTiD has twin sequential blowers and 187bhp.

Despite the 9-5’s weight (1.7 tons), the TiD doesn’t feel unduly stressed and, as the chassis is set up for relaxed progress rather than back roads burn ups, its languid performance doesn’t really matter in this context.

From cold it’s a bit noisy though, and anyone outside the car will always know that you’ve got the diesel. The gear ratios are well chosen and make the best of the available power. The 9-5 is an easy car to drive in all conditions.

So it’s good-looking, good-value and roomy, but I still didn’t spot a single other 9-5 on the road during the test period. Saab’s near-death experience seems to have put would-be buyers off.

Which a great shame because the 9-5 is worthy of better. Hopefully, now the company seems to be back on an even keel this car will find the wider audience its talents deserve.

Spec check: Price: £27,000 (Vector SE) Engine: 1,56cc 16-valve turbodiesel Max horsepower: 160PS Max torque: 258 lb/ft@ 1,750rpm Top speed: 134mph 0-62mph: 9.9 seconds Exhaust emissions: 139g/km VED band: E Equipment: Electric windows, power steering, ABS, central locking, alarm, immobiliser, leather seats, cruise control, park radar, Bluetooth, CD player, alloy wheels.