The Abarth 695 Tributo Ferrari is officially the most expensive light car available in Australia, with a staggering price tag of $69,990 before on-road costs.

At that price, the 695 Tributo Ferrari is double the price of the Abarth 500 Esseesse ($34,990) and almost three times the price of the standard Fiat 500 ($24,990), upon which both sports models are based.

The 695 Tributo Ferrari is powered by a turbocharged 1.4-litre T-Jet engine with modifications by Abarth and Ferrari.

It produces 132kW of power and 250Nm of torque, figures identical to the $27,790 Volkswagen Polo GTI, and up moderately from the 500 Esseesse, which generates 118kW and 230Nm.

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Mechanical enhancements included a new Garrett turbocharger; new steel exhaust manifold; revised heat shields, sleeves and fittings, and water/oil turbocharger pipes; as well as a new engine management control unit. The Record Monza variable back pressure dual-mode exhaust is designed to improve engine performance and deliver an inspiring new high-engine-speed sound.

Over the 500 Esseesse, the 695 Tributo Ferrari scores new front and rear springs and shocks, 305mm front brake discs with four-piston calipers and new pads, 240mm rear discs, brake pad wear sensors on all four wheels, 17-inch alloy wheels and 205/40 performance tyres.

Exterior highlights include two paint colours (Modena Red and Modena Yellow); carbon fibre door mirrors, fuel cap and B-pillar trim; Racing Grey air intakes; xenon headlights; silver bonnet and roof stripes; and ‘695 Tributo Ferrari’ initialling.

Inside, the 695 features black leather/Alcantara racing seats, black leather steering wheel with red stitching, and a healthy splash of carbon fibre and aluminium across the surfaces. It comes with the standard Blue&Me telematics system with full iPod support.

Also included in the package is a set of stone washed black leather luggage and a personalised car cover.

Abarth Australia general manger, Andrei Zaitzev, said the 2011 Abarth 695 Tributo Ferrari would be sold in “strictly limited numbers” in Australia, with the first shipment of around 40 vehicles already snapped up by local hot hatch die-hards.

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