The Abarth 695 Maserati Edition will cost £32,000 when it goes on sale at the end of 2012 - but you do get a free set of designer leather luggage.

The Tramontano luggage set is one of the highlights Abarth is keen to point out on the car, which is based on an Abarth 500C but with a tuned engine, heavily altered chassis and much-improved trim.

Just 499 units will be made, all finished in special three-layer Pontevecchio Bordeaux paint and powered by a 180bhp 1.4-litre four-cylinder turbo linked to an electrically-operated manual Abarth Competizione gearbox. It follows a not-dissimilar limited run that Abarth built in conjunction with Ferrari three years ago.

This time the 500 chassis is uprated with Brembo callipers and floating 305mm discs at the front, as well as Koni shock absorbers for better body control and handling.

To inject even more verve into what promises to be a compelling hot hatch, a dual-mode exhaust will open valves at 3,000rpm and provide, according to Abarth, "an inspiring noise" in imitation of the way modern Maseratis do.

Other neat features include 17-inch wheels based on the same "Neptune" style that Maserati uses as one of its signature design cues, and "695" logos inside and out.

The black leather steering wheel has beige leather inserts and a "tricolour" hub, and houses the steering wheel gearbox controls. The instrument panel has been specifically produced by fashion house Jaeger.

Each car also gets aluminium pedals and sill plates, a carbon fibre kick plate with customised Abarth 695 Maserati Edition graphics, and a plate with the car's series number from 1 to 499.