Elio motors might be offering the most affordable car in the U.S.
Edit: Elio Motors spokesperson Alexandra DeVilling has reached out to AutoGuide.com to clarify Elio Motors’ pricing strategy. If buyers agree to purchasing the car, they will save $300 and will have to make a binding commitment to make a vehicle purchase. But they will not have to put $7,000 down, but rather that is the price paid at delivery. If a car does not get delivered, then buyers do not have to pay $7,000. It’s worth noting that the term “non-refundable” is still being used on Elio Motors’ own website.
The company has announced official pricing for its three-wheeled vehicle, running a cool $7,300. The announcement was made in an email sent by company founder Paul Elio, which also said that the company has gone public and has planned out the option ordering system for the car. If you are willing to pay for the car in its entirety, it will cost just $7,000 instead of $7,300. But there’s a catch.
Elio hasn’t delivered a single car yet to a customer, and it needs loans to start production. The U.S. Department of Energy (DoE) is willing to offer the company support if they meet certain guidelines. You see, Elio currently has 56,000 reservations, but the DoE isn’t content with refundable customer reservations.
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So the catch is, you can pay $7,000 outright to purchase an Elio three-wheeled car, but that payment is non-refundable. You also run the risk that the company will go bankrupt before you even get the car, rendering your $7,000 a complete waste. To make matters more complicated, the company doesn’t have a production start date or delivery date set, which means even if the car makes it into production, it could be years before you even see it.