The campaign aims to lure potential customers into test-driving a Fabia, as it competes with rivals such as Renault's Clio and Vauxhall's Corsa.
It is looking to build on the success of previous ad campaigns for the Fabia - which recently celebrated a third successive win of the What Car? Best Supermini award.
The campaign was planned and bought by MediaCom, and will see posters going up on sites as close to competitive supermini showrooms as possible.
Both posters feature shots of the Fabia model, with one strapline, "If only it was more expensive and not as good", and another: "The jokes. The sniggers. The three Best Supermini Awards."
In addition to the national outdoor push, Skoda will be launching a mobile showroom along the same theme. The campaign was written and art directed by Richard Flintham and Andy McLeod.
Karina Wilshire, the account director at Fallon, said: "The ads look to undermine people's irrational preference for competitor cars that are, perhaps, more expensive and less well-made."