• Both diesel variants by far the cheapest to run
• Poor expected residual values
• Cheap servicing and a longer-than-average standard warranty

If low running costs are your priority then head towards one of the MultiJet diesel engines. They’re far more economical than their petrol equivalents, despite returning identical power figures and greater torque.

The 1.3-litre MultiJet is capable of an impressive 68.9mpg average fuel economy figure, increasing to 72.4mpg if specced with the five-speed Dualogic automated manual transmission. The equivalent 95hp 1.4-litre petrol returns just 46.3mpg.

Move up to the higher-powered engines and the 120hp 1.4-litre T-Jet returns 42.2mpg, far below the 120hp 1.6-litre MultiJet’s 67.3mpg.

Things get even better when it comes to servicing, too, as diesel variants only require attention every 12,000 miles, compared to 9,000 miles for petrols.

Note, however, that diesel-powered models attract a higher list price. Therefore unless you cover a relatively high yearly mileage the diesel variants’ superior fuel economy may not be worth the added initial outlay.

If the 500L’s residual values are anything to go by then the Urban is unlikely to retain much of its value beyond three years – around 30% in fact. And while the petrol may have the edge on residuals, the difference to diesel is negligible.

The 500L Urban’s petrol engines really struggle to remain competitive in this department – emitting an excessively-high 155g/km of CO2 from the most powerful T-Jet variant. Even the base 95hp 1.4-litre produces 143g/km.

As for the diesel motors things get a lot more respectable. Cleanest of all is the 95hp 1.3-litre MultiJet at 107g/km (104g/km for the Dualogic semi-automatic version), while the punchier 120hp 1.6-litre comes in at 112g/km.

Reliability

• Patchy Fiat reliability record shows signs of improving
• Small number of recalls on older 500L models
• Three-year unlimited-mile warranty should ease the worry

Fiat isn’t known for its reliability record and there are more reliable cars out there. However, the Italian brand is working hard to change this reputation and now shares its parts across a wide range of models which have sold hundreds of thousands of units. The impressive mileage between service intervals should attest to this.

Both the 1.4-litre petrol engine and diesel variants have been around for a while so most of the known faults should have been ironed out.

And it’s always worth remembering the three-year unlimited-mileage warranty which should cover you if something major goes wrong.