Fiat has caused a stir by announcing that the 500 will cost from £7900 when it goes on sale in the UK in January - more than £1000 less than predicted.
The price also gives it a significant edge over the Mini, often regarded as its closest rival, which costs from £13,025 to £17,470, and the Renault Twingo, which costs £8375 to £9995.
The 500 is available with a choice of three engines: a 69bhp 1.2-litre unit, a 100bhp 1.4-litre petrol motor and a 75bhp 1.3-litre turbodiesel.
It comes in three trim levels: Pop, Sport and Lounge.
Standard equipment on Pop includes driver, passenger, side and driver's knee airbags, a CD/MP3 stereo, power steering, electric mirrors and colour-coded bumpers. Stability control, a sunroof, metallic paint and parking sensors are available as options.
The Sport and Lounge versions include a hands-free communications system, air-conditioning and 15-inch alloy wheels as standard.
Sport adds a rear roof spoiler, foglights, a different interior and tinted rear windows, while Lounge includes a split/folding rear seat and fixed glass roof.
Pricing for the 500 is worked out from the base 1.2-litre Pop model, with buyers adding £1400 for a more powerful engine, £1400 for a higher trim level or £2800 for a combination of both.
The price will also rise depending on what interior and exterior options the buyer makes, including adding stickers to the car's exterior and customising the interior with leather accessories.
Fiat says there are more than 500,000 possible combinations of extra kit - 549,936, to be exact.
1.2-litre Pop £7900
1.3-litre Pop £9300
1.4-Litre Pop £9300
1.2-litre Sport £9300
1.3-litre Sport £10,700
1.4-litre Sport £10,700
1.2-litre Lounge £9300
1.3-litre Lounge £10,700
1.4-litre Lounge £10,700
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