For a few years, the world’s cheapest car was the Tata Nano. It’s lost some of its notoriety, but when introduced as an India-only vehicle and for only $2,500 it was an instant hit.
Now, there’s an electric vehicle, available only in Oklahoma, for $865. It’s called the Kandi Coco and it’s about half the size of Smart Fortwo.
To buy a new car for less than $1,000, there must be a catch, right?
World’s Cheapest Car Checklist
Yes, there is. According to a report by the manufacturer and on the website of Automobile Magazine, here are the parameters:
* The Kandi Coco is a Low Speed Vehicle (or LSV). It’s capped by law to a top speed of 25 miles per hour and restricted to roads with speed limits of 35 mph or less.
* The Kandi Coco has an MSRP of $10,599. That’s about four times more than the Tata Nano.
* The Federal Government provides a $4,435 deduction to residents of Oklahoma.
* The State of Oklahoma provides a deduction of $5,299.
* The price of the car is reduced to $865, but it’s only available to residents of Oklahoma and it’s only available for purchase until the end of the year, 2013.