I'll agree with a couple of things that I've seen in this thread:
(1) The reliability of cars has improved markedly over the past 10-15 years or so.
(2) The badge on the front doesn't always mean much.
The last car I owned before I left the US was a Saturn SL1, which is a sedan roughly the size of a Grande Punto or Jetta - I think was only available in the US domestic market. (It's the car that was supposed to save GM, and just look at them now!) They don't have a great reputation, and they're practically worthless on the used market. Mine cost maybe half what I would have paid for a comparable Jetta or Civic and probably 20% less than I would have paid for a comparable Hyundai or Kia. It was a 2001 model, and I paid US$2800/UKP1400 with 89,000 miles (143000 km) on it in very nice shape.
Repuatation aside, the thing was fantastic - great fuel economy (by American standards, at least - on the highway I got about 45mpg if you use UK gallons.), rock solid reliability, and the only thing I had to do to it (beyond replacing the tires when I bought it) was repair some damage after somebody tried to steal it. My brother is now driving it, and between my use and his we've put about 20k miles on it without a single fault.
By comparison, my mom has a 2001 Jetta which was a complete nightmare from new - electrical problems, suspension problems, fuel system problems, etc. Goes to show the badge doesn't mean everything.
So we'll see now - my Cinquecento was pretty cheap; (a '95, CHF3500 with 113000km, or UKP1500/US$3000 with 70000 miles, depending which language you speak). The other car I was interested in at the dealer was a Daihatsu Move 850, which was 2 years newer, 50% more mileage, and cost CHF1200 more. (Oh, and it was pink. Or at least pink-ish.)
Yes, my American friends made fun of me for buying a Fiat, but the 1100 motor has quite a good reputation, the car really is very nice to drive (even on the motorway), and there was nothing in comparable shape in that price range. We'll see if taking the less desireable badge pays off again (did I just classify Daihatsu as a premium brand?), but I suspect that it does.
Any modern car should be able to provide 100,000 trouble-free miles. In the US, Hyundai, Kia, and Suzuki back this up with a powertrain warranty that lasts this long. They've been doing it for some time, so presumably it's not costing them too much. And none of these are cars that have huge margins to work with - I don't think Hyundai is paying for a ton of repairs out of the massive profit they make from an $8000 Accent. A "non-premium" brand _can_ compete on quality; it remains to be seen whether Fiat is trying to go this route, but the good reputation enjoyed by the new Panda seems to be a good sign. If we end up staying in Switzerland long-term, we might even buy a new Panda, though that would interfere with my plan to take a photo of the Cinquecento in every European country.
