The Elio Motors three-wheeler, to borrow an old phrase, is the car of the future, and it always will be. I mentioned the little ultra-econobox last year, and quoted its ship date as “next spring.” It’s not going to happen in the next eighty days, guys.
Still, Paul Elio is thinking from a place where you can’t even see the box, and his scheme for financing sales of the carlet is crazy enough that it might actually work:
To encourage sales, Elio said the company has a plan to make the Elio trike extra affordable called “Let Your Gas Savings Make Your Payments.” Under this plan, when you buy an Elio, you drive away with a special credit card in your pocket. You use this card every time you gas up and then Elio charges you triple what you paid at the pump. So, if your gas costs $10 (remember, this is an 84 mpg car, so you’re not paying a lot at the pump), then your total cost to Elio will be $30. The extra $20 is applied to your loan payment. “As long as you drove into the dealership with something that was 27 mpg or less, your monthly fuel bill will go down,” Elio said. “Three times 27 is 81 and we get 84. So, you got a brand-new vehicle under warranty that’s fun to drive and you don’t have a car payment and you’re guaranteed to spend less on gas.”
Still, even at Elio’s rock-bottom (and possibly unattainable) price of $6800, it would take over ten years to pay off the note at $84 a month, after which time the vehicle will be neither brand new or (presumably) under warranty.