Fiat has become the first car firm in the UK to launch a ‘Pay As You Go’ finance deal where a brand-new vehicle can be driven to work for £10.39 – around two-thirds of the price of the average daily London commute.
Inspired by mobile phone sector, the deal applies to the latest Fiat 500 Hybrid Lounge and drivers pay an upfront fee of £99, followed by £99 per month plus 19.2 pence for every mile they cover. Fiat is also including the first 500 miles in the deal.
With the average UK commuter making a daily round trip of approximately 25 miles, this works out at £10.39 per day including fuel, mileage, and rental costs.
This new product from Leasys, the contract hire division of Fiat Chrysler Automobiles (FCA), has been inspired by popular and user-friendly financing options for everyday items like mobile phones.
The system uses black box technology to track vehicle movements and calculate payments, and includes road tax and roadside recovery.
The Fiat 500 Mild Hybrid Lounge has a combined fuel economy of 53.3mpg and is fitted with 15-inch alloy wheels, rear parking sensors, air-conditioning, cruise control and a 7.0-inch touchscreen radio.
“By providing this innovative solution to our customers, Fiat is leading the way in Pay As You Go driving,” said Francesco Vanni, UK country manager for Fiat and Abarth.
“Customers need only pay for what they drive with no upper mileage limit, making it an attractive proposition for those now in need of a stylish, economical and reliable car to commute in.”
The PAYG deal is spread over 48 months and is expected to be made available across other models in the FCA range in the near future.
Sebastiano Fedrigo, managing director of Leasys in the UK, added: “We are very proud to be launching new products during this difficult period.
“Leasys Miles innovates the traditional car lease model by moving to something we’re all much more familiar with nowadays.”
Daily journey costs (based on the daily rental rate, cost of fuel and 19.2p per mile ‘pay as you go’ charge)
- 10 miles: £6.19
- 35 miles: £13.21
- 50 miles: £17.42
- 75 miles: £24.49