As it should, because until the 1.6-litre petrol Active model arrives later this year, the 2.0-litre HDi diesel Allure is the entry-level 508 - at $54,990 for the sedan and $57,990 for our SW five-door.
That's a lot of money for a French midsizer, but then this is a really great car. Peugeot's diesel technology is well proven (120kW/340Nm, 5.7 litres per 100km), the six-speed automatic shifts in a sensible (if occasionally sluggish) way and the chassis is superb.
The 508 isn't back to the level of Peugeot's great driver's cars of the 1990s, but it does feel like it came from the same company. The 508 has strong steering, true cornering poise and pretty decent ride.
Peugeot cabins have been a mixed bag in recent years. The 508 plays it safe on styling and concentrates on fundamentals like fit/finish and equipment - with success. The Allure offers part-leather upholstery, parking radar front and rear with an "assist" function that lets you know whether a space is large enough, glass roof, four-zone air conditioning, blinds for the rear-side windows and powered tailgate.
So ... it's a French car. It's got to have some inexplicably annoying details, right?
Actually, the 508 has remarkably few. The staggered gate for the automatic gearbox is so fussy it's a rat-in-a-maze situation to find reverse gear, the electronic handbrake is jerky, the centre-console information display persists with the confusing interface of other Peugeots ... and that's about it really.
This is a genuinely impressive car that's got the look, the driving dynamics and the quality to command your attention. Does it finally earn Peugeot those premium credentials? Put it this way: if I was in the market for a 2.0-litre turbo diesel Audi A4 Avant, I'd be totally swayed by this particular Peugeot. Seriously. Not all to do with an $18k price difference, either.
Since the 508 Allure comes as standard with keyless entry/start, I'd just keep that scratched keyfob in my pocket.
The bottom line:
Finally, a Peugeot that will appeal to more than just the Francophiles. New 508 is generations ahead on dynamics and quality. A pleasing alternative to entry-level executive cars.