In the past 10 years of doing this job I have had just one moment of proper, trouser-challenging fear. I was in a Peugeot concept car called the 907 three years ago, a 6 litre V12 500bhp missile. In a moment of lunacy its driver put it into a spin on a tree-lined, public and far-from-deserted road. I closed my eyes and waited for the deafening crash but miraculously the car came to an undamaged standstill; had we hit one of those trees it’s very unlikely that I’d have been in a position to get into another Peugeot concept car with, would you believe it, the same co-pilot at my side.

This time, however, things were different. The car’s engine was a little more than a quarter of the size, with rather less than half the power. Most important, I would be driving.

It’s called the Peugeot 308 RCZ and unlike the 907, which will spend the rest of its life as a museum piece, the RCZ (which doesn’t stand for anything) will go into production in a form not dissimilar to the one you see here.

It marks a welcome change of pace by a marque that 20 years ago boasted the best driving machines in every class in which it competed but then proceeded to lose its reputation by producing a succession of dreary, uninspiring shopping cars.

But before delving into the hardware we should see what can be learnt from its looks because I am told that, unlike with most other concepts, the production car will differ from what you see on this page only in detail. So we can expect the 308 Coupé – or whatever they decide to call it – to carry the same lowered, widened stance as the RCZ and therefore to have a silhouette that looks for all the world like the Audi TT’s little sister.

The back, with its long, flat rear deck, looks as though it has been designed to take a convertible hard top (which it almost certainly has – the 308 CC convertible will use the same basic architecture and will actually beat the coupé into production next year) while the front is derivative of the standard Peugeot 308.

Between the two is an undulating carbon-fibre roof and polycarbonate rear screen, which is the first thing you’d expect to be binned to save money for production versions. Apparently not: according to Peugeot’s design chief, Jérôme Gallix, that roof is a “key feature” of the car’s design and would therefore have to survive into production. Indeed it even performs a vital aerodynamic function by eliminating the need for a rear spoiler.

Inside, even acres of leather, lots of polished metal, black lacquer and smart new instruments cannot disguise the dashboard of a stock 308. In the rear you’ll find a pair of seats designed for no human being I’ve ever met. I can’t see how you’d ever get a child seat in there, let alone an adult. So remember, when the time comes: whatever the ads say, this car is a two-seater.

But there’s nothing wrong with that as long as it drives as a two-seater should. And at long last there are at least signs that Peugeot is interested in building a car worth driving. Although there will doubtless be diesel and low-powered petrol versions of this coupé, there is also a new 218bhp engine that has been set aside exclusively for the coupé. Peugeot claims it will sprint to 62mph in a competitive 7sec, and with lowered, stiffened suspension and an all-new six-speed gearbox there is at least the on-paper promise of a driving experience that has been absent from Peugeots for many years.

Given that my near-nemesis was sitting helpless beside me, the temptation to scare him as he had once scared me was close to overwhelming and, perhaps sensing this, Peugeot sent me out in a convoy of other cars at a pace more tortoise than hare.

Even so, and even though the RCZ is a one-off designed to sit on a show stand rather than to be flung across the countryside, I soon found myself enjoying it more than any Peugeot of recent memory. The new engine delivers meaningful performance, the gearbox is quick and a delight to operate while the stiffer suspension and big 19in wheels with appropriately fat tyres give it a pace and composure through the corners that, once they have been properly refined, suggests the potential for a new level of dynamic competence for a Peugeot.

All that remains to be seen is how much of the concept’s character is diluted by the production process. The potential to make it drive properly is clear to see. However things turn out, it’s perhaps unrealistic to expect the RCZ’s offspring to be lauded as a truly great driver’s car; but even if all it offers is some decent, honest fun on the right kind of road, it will put a Peugeot back on the shopping list of people who enjoy driving for the first time in years.

Vital statistics

Model Peugeot 308 RCZ
Engine type 1598cc, four cylinders
Power 218bhp @ 6000rpm
Torque 221 lb ft in overboost
Transmission Six-speed manual
Fuel/CO2 42.2mpg / 160g/km
Performance 0-62mph: 7sec
Top speed: 146mph
Price £25,000
Verdict A step in the right direction

Date of release Late 2009

The opposition Model Audi TT 2,0 TFSI £25,200
For Good looking inside and out, beautifully built, residual value
Against Decent to drive but not exceptional, near-useless rear seats

Model Mazda RX-8 231PS £23,000
For Four doors, bargain price, smooth engine, great handling
Against Getting old now, fuel consumption, lacks bottom-end power