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First post here, I have neither a Abarth 500 or a FRS/BRZ but have a post-it on my monitor that has the base prices for each, destination charges, lb/hp and potential options to get from the dealership for both. I own a Fiat X1/9, a 2nd gen MR2 Turbo and a Mazda3. I've driven a 500 sport extensively (over 1,000 miles on a tour), test driven a Abarth 500 and only sat in an FRS. I grew up with Fiats so for what it is worth I'm a little biased.
I've test driven an Abarth at a journalist meetup on city streets and it is a fun car to drive in the 20 minutes I had it. The exhaust note out of the box is amazing and has a lot of pull compared to the 500 sport. There is a simulated differential (brakes?) that helps keep the power down but you have to push the sport button all the time to unlock the extra fun. The main appeal of the car is its appearance, extra kick over the 500 sport and the brand loyalty (for me). The seating position is very high compared to the FRS/BRZ and again, is front-wheel drive. The optional sunroof lowers the head clearance quite a bit so check with a helmet if you are seriously considering it. I had the pleasure of sitting in one at a track with an experienced driver and discussed the importance of left-foot braking in a FWD car, but to me it still felt weird.
The FRS/BRZ seems, from the forums, to be more of a serious business car. The engine bay looks to have tons of room for modifications and the whole car sits lower than the Abarth. Have you looked into the interior of the Abarth 500 engine bay? Pretty tight all up in there. Also, if tuning is your thing I have a feeling a lot more aftermarket parts will be available for the FRS/BRZ than the 500. I like to learn and drive the cars unmodified so that wouldn't be a consideration for me.
It will be awhile before I can make a financial decision for either but those are my 2 cents.
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