2007 Fiat 500

Gus Gregory Fox Syndication

Mini had better watch out, because its first serious rival in the cute-and-cuddly compact sweepstakes is here. No, it's not a new baby Benz or a small Audi. The prime challenger has instead been launched by Fiat, which hopes to crown its successful comeback with la nuova Cinquecento, the new 500.

That's right: on July 5, exactly fifty years after the original 500 made its debut, 5000 of the new cars were dispatched to European dealerships. Available in more than 500,000 different color, trim, and spec combinations, the Italian microcompact can be leased for as little as €5 (less than $7) per day. Better still, it stands a good chance of coming to North America in 2009. According to the capo di capi of the Fiat Group, the charismatic, chain-smoking Sergio Marchionne, the 135-hp Abarth version may be sold in small numbers through the Maserati dealer network. That hotshoe version should give the 118-hp Mini Cooper a good run for the money.

Beneath the new 500 lurks the running gear of the €9000 (a bit more than $12,000) Fiat Panda. We're talking base front-wheel-drive technology here, but the wrapping is super cool. You see, like the Mini, la nuova Cinquecento mimics an icon, a true auto-industry milestone. Its shape was obviously inspired by Dante Giacosa's 1957 Fiat 500, which did for Italy what Ferdinand Porsche's Volkswagen Beetle did for Germany. The original 500 was a minimalistic and inexpensive rear-engine four-seater that was aimed at Europe's working class. Together with the Giardiniera wagon, the Jolly sunseeker, and the Abarth street racer, the first-generation Cinquecento--built until 1975--sold a whopping 3.9 million units. Other models followed, but none of them--the no-frills Fiat 126, the nondescript Cinquecento series two, the poor man's Seicento--came close to obtaining a similar cult status. They were plain and basic transportation devices, reasonably functional but almost totally charmless, not only cheap to buy but also cheap in content and appearance.

The Cinquecento's twenty-nine-year slumber ended in 2004 when Fiat presented the Trepino concept at the Geneva show. Initially, the bean counters claimed it wasn't feasible for financial reasons, but then the bigwigs teamed up with Ford, and only months later the combined Fiat 500/ Ford Ka project got the official go-ahead. Built in Tychy, Poland, each of the two minicompacts will be produced at a rate of 120,000 units per year.

Fiat already has announced its pricing, which is quite ambitious for a bargain-basement brand. The 500 Pop sells at €10,500 (about $14,500), the Lounge version costs €12,500 (about $17,000), and the top-notch Sport lists at €14,500 ($20,000). The turbocharged Abarth is expected to retail at €16,500 ($22,500)--that's about ten percent less than the less powerful and less well-equipped Mini Cooper costs in Europe. These prices include seven air bags, but stability control, automatic climate control, and aluminum wheels are optional.

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