The sculpture was unveiled to celebrate the launch of the carmaker's new Citigo model and has been positioned to sit on little-known ley lines.
The Citihenge project was led by sculptor Tommy Gun and took three months to create.
It is made from 18 scrap cars, weighs 36 tonnes and is over 5 metres tall.
After it is taken down from Potters Fields at the end of today (June 20), the piece will tour the country, including a stint at the Goodwood Festival of Speed in West Sussex from June 28 to July 1.
Tommy Gun said: "The Citihenge project has been the most amazing challenge. Stonehenge is a huge, iconic structure and the Citihenge replica is too.
"It is made entirely from old car parts, which taps into my own childhood growing up on a farm where I used to love building and creating things with pieces of discarded machinery."
Skoda spokesperson Pietro Panarisi added: "The Citigo embodies the future of driving and is the smartest option for forward-thinking city drivers.
"While traditional cars struggle to perform well under the strain of city driving, the Citigo is designed to excel in the urban environment.
"Citihenge symbolises the beginning of a new era of motoring and we hope drivers across the country will recognise this important turning point."