It has been well known as an award-winning new car since its UK launch in January 2008, but now the Fiat 500 is attacting used car honours too. The multi-award winning city car was last night (15 February) crowned Used Car of the Year at the glittering AM Awards in Birmingham.

Fiat 500 TwinAir 2012

The car’s cute looks, excellent residual values and widespread popularity were all praised by the award’s judges, while special mention was made of the speed at which 500s are sold on as used vehicles.

“Single handedly re-invigorating the Fiat brand since its introduction to the market in 2008, the popularity of the Fiat 500 has not waned, enjoying massive popularity on the used market,” says Jeremy Bennett, editor, AM. “Demand for the car is still strong, ensuring 500s only share brief encounters with dealer forecourts before being whisked away to customers looking for fun in a cute and funky little package.

“With part-exchange values at £4,500 to £5,500 after three years, depending on the model, the 500 depreciates extremely slowly for a small car.”

“Fiat 500 has been a wonderful success story for us over the last four years or so, both as a new buy and as a used car,” says Jonny Miller, group remarketing manager, Fiat Group Automobiles UK. “Its ‘must have’ looks, reliability, character and fuel efficiency, have all helped to ensure its residual values are kept high, which is good news for owners and dealers.”

Available with a choice of ultra-low emissions Euro 5 engines: 85bhp 0.9-litre TwinAir, 69bhp 1.2-litre and 100bhp 1.4-litre petrol, and 95 bhp 1.3-litre MultiJet turbodiesel, the Fiat 500 can be ordered in a number of different trim levels – Pop, Sport, Lounge, TwinAir, TwinAir Plus and TwinAir Lounge.

And with a starting price of just £9960 OTR for the 1.2 Pop, the Fiat 500 represents outstanding value for money.