The car in question is Peugeot's clever 206CC (CC stands for coupe cabriolet). Why is it clever? Because, as its name suggests, it is two cars in one: a convertible for sunny days and a coupe for the majority of the year when it's raining.
The 206CC features a folding hard-top roof which should ease the worries of any fleet manager who does not like convertibles because of the possibility of the roof getting slashed by jealous passers-by.
While not a typical fleet car, the 206CC is sure to find favour with user-choosers who want a stylish, fun car but don't want the hassle of folding and unfolding a canvas roof by hand or cramming their luggage into the tiny boots most sports cars have. Based on Peugeot's popular Ryton-built 206, the CC is powered by the 138bhp 2.0-litre engine which powers the GTi hatchback model.
Performance-wise I can't fault it, with plenty of power available ensuring the 206CC is not all show and no go. It offers nippy acceleration while cruising quite happily at motorway speeds.
And once I get tired of posing with the roof down, there are plenty of gadgets to play with.
Our car, a 2.0 SE model, comes with 16-inch alloy wheels, air conditioning with climate control, ABS brakes, speed-sensitive power steering, automatic headlights and windscreen wipers, CD player, remote control central locking and driver and front passenger airbags.
In addition, our model has the Sports pack fitted which gives the interior a racier feel with aluminium pedals, gear knob, door sills and black instrument dial backgrounds with chrome surrounds.
Additional options include pearlescent paint, full leather trim and height-adjustable passenger seat, pushing the price up to £17,200 on-the-road, placing the 206CC firmly among the two-seater roadster brigade headed by the Mazda MX-5, Toyota MR2 and MG TF.
It's in the same price bracket as the roadsters, but the Peugeot has two additional seats in the back. Drivers with a young family will be fine but after testing it out with friends, I'd hardly recommend travelling more than five miles with adults sitting in the rear seats.
Space is a real issue in the 206. The electric roof renders most of the boot useless and with the extra two passengers in the back, it leaves little room for luggage. It is also loud when all the electric motors start whirring away to lower or raise the roof.
Another minor issue is the car's fuel consumption. I've clocked up a few hundred miles since the car arrived and so far the 206 is failing to reach Peugeot's claimed combined fuel consumption figure of 35.3mpg.
I've only managed 29.3mpg, but this could be because the engine is fairly tight, having only covered just over 1,000 miles. I expect this figure to improve as the engine loosens up.
Company car tax bill 2003/04 (22% taxpayer): £65 per month