Almost one hundred years after Henry Ford unveiled his Model T for the masses, European manufacturers did their bit to further widen the availability of affordable cars, with the introduction of the modern city vehicle in the 2000s.
The 2003 renewal of the Fiat Panda and the launch of Volkswagen’s supermini Up model a few years later — both priced at less than €10,000 — exemplified a new line-up of cheap cars that helped those on modest incomes buy a fresh set of wheels even in the wake of the financial crisis.
Such models remain popular, accounting for roughly 7 per cent of the European market each year, and — until recently — helping to keep the price of larger second-hand cars in check too.
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