Fiat launches 'pay as you go' finance deal for £10 a day

Fiat says it has become the first car manufacturer to offer a “pay as you go” car finance scheme to UK drivers.

The Italian brand says the innovative approach to charging means the average commuter can now drive a brand-new car for less than £10.50 a day.

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The deal is being offered on the Fiat 500 Mild Hybrid Lounge as part of a package that includes a one-off payment of £99 and monthly fees of £99. Drivers then pay a charge of 19.6p per mile.

Fiat says that factoring in fuel, mileage and rental costs this means the average commuter - who covers 25 miles a day - will pay £10.39 a day in running costs. According to Fiat’s data, the average daily public transport commute for someone living in London is more than £15.

To sweeten the deal further, Fiat is throwing in the first 500 miles (of course) for free.

Several surveys have found that between 35 and 60 per cent of people are considering avoiding public transport in the wake of the coronavirus outbreak and Fiat says the new deal is an affordable way for drivers to get behind the wheel of a new car.

Francesco Vanni, UK country manager for Fiat and Abarth, said: “By providing this innovative solution to our customers, Fiat is leading the way in pay as you go driving.

“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.

“I am confident that one of the most affordable offers in Fiat’s history will become very popular with consumers over the coming months.”

The four-year package is being offered through Leasys, the contract hire division of Fiat Chrysler Automobiles (FCA) Bank, which says it plans to introduce it across other models in the FCA range.

Sebastiano Fedrigo, managing director of Leasys in the UK, added: “We are very proud to be launching new products during this difficult period.

"We understand now more than ever that innovation is what is required to adapt our companies to a very rapidly changing market.

"Leasys Miles innovates the traditional car lease model by moving to something we’re all much more familiar with nowadays.

"By structuring payments in this way, customers can access the latest tech and the newest Fiat 500 styles in an affordable way that means they simply pay proportionally to what they use."