In the new work, breaking on 7 July, the car is presented as something that will be noticed because of its personality. The spot continues the idea of individuality, focusing on the passionate responses of envy the car can evoke.
The Frederik Bond-directed spot reveals a Peugeot 307 driver experiencing a series of bizarre events, such as pigeons flocking to his car, after a woman deliberately throws bread on to its roof. Later, a car park attendant crashes the barrier on to the roof of the car, while casually ignoring the driver.
The driver soon becomes aware that other 307s are getting the same treatment.
Then, while looking down from his office, he watches as a grand piano falls from the sky, crushing his Peugeot.
A classical music soundtrack and dim lighting convey a mood of mystery.
The spot ends with a haphazardly hung poster of a 307 with the endline: "Terrible thing, envy."
Dean Drew, the advertising director for Peugeot, said: "It might be an exaggeration to say people will be so envious of this car that they'll drop a piano on it, but it's no exaggeration to say it's the best-looking family car in its class."
The campaign was written by Angus Wardlaw and art directed by Alexei Berwitz. The production company was Irene Productions.
Media planning and buying is through OMD UK. The TV campaign will air on national channels, including satellite, for three weeks. A second burst is expected to run from the beginning of September until November.
Nick McElwee, a board account director at Euro RSCG, said: "I think it's really obvious in the work that we are now doing for 307 that we enjoy telling its story. It's bold, entertaining and fun."