The Tata Nano will cost about $2,500 in India and a new updated version is heading stateside for around $7,000. However, there is to be a special edition that will set you back a cool $4.6 million. So what will that extra few dollars give you? Well, as you would expect it has been encrusted with precious gems and gold to help celebrate the Gold Plus stores 5,000th anniversary, which Tata has gone into collaboration with for this project.

The powertrain would have had to be upgraded so that it can cope with the extra weight from the 22 karat gold, which weighs in at a staggering 176 pounds. There is also another 33 pounds of silver and 10,000 gems to dazzle anyone that dares come close to you. For the life of us we cannot think of anyone who would want to own such a motor, you will just be bringing even more attention to a car that is associated with cheapness?

You have to admire Tata as a company, because not only have they been able to corner a market because of them having the cheapest production car on the planet, but also the fact that they can also make it one of the most expensive as well. For photos and a couple of videos of the gold Tata Nano then please visit The Rich Times.

The Lada Granta comes in three engine sizes, as well as a few upgrade choices. The Nano comes in three models, the Base model, CX and LX. All three have varying amounts of features, with the top of the range even coming with central locking and eclectic windows – something that the Granta lacks. However, you will have to pay a little extra for these features.

The Nano has now been on the market for two years, and has proven very popular, with older models selling for more than the new ones. We will have to wait and see how the Lada Granta will perform, but we do not hold out much hope. Although this is said to be the cheapest car in Europe, this is aimed at the Russian market, one that is nowhere near as big as the Indian market.

Russia has put a lot of money into Lada, and needs to make a good return on investment. This is something that Tata did not have to worry about with the Nano, as they already had a good business behind them. Can you see the Lada Granta doing well, or will it just fade off into the sunset?

The small car was brought to the 2010 Detroit Show last week, which The Economic Times said was all part of a publicity stunt. The small and cheap vehicle sells for $2,500 in India, but standards are not as strict there so is much easier to keep costs down.

We do not know when the Tata Nano will be ready for sale in the U.S., but recent reports suggest at least another three years. There is already a European version coming in 2011, which has a price tag of $8,000, not bad for a four-seater car.

So what is driving the price up on what is the world’s cheapest car? Firstly structural changes will need to be made to make it much safer for U.S. law. That small 623cc engine needs an upgrade so that it would produce less emissions. The current model has no airbags, so some will need to be fitted to protect the occupants.

The most comparable vehicle would have to be the Hyundai Accent, which has a price of $9,970. So even with the higher ticket price, the Tata Nano would still be the world’s cheapest car.