How do I perform a Perl substitution on a string while keeping the original?

In Perl, what is a good way to perform a replacement on a string using a regular expression and store the value in a different variable, without changing the original?

I usually just copy the string to a new variable then bind it to the s/// regex that does the replacement on the new string, but I was wondering if there is a better way to do this?

$newstring = $oldstring;
$newstring =~ s/foo/bar/g;