Elio Motors has opened up the preorders for the Elio, the three-wheeled two-seater car crowdfunded for $25 million via StartEngine in 2015.
At the time, the company had revealed that the retail price of the vehicle would be $6,800; however, the price tag is now $7,000.
This price is for the base model of the car that is capable of achieving 84 mpg. The company does not have a fixed delivery date yet, but is getting consumers to lock-in a commitment.
Elio Motors requires that those who are preordering the vehicle from the company sign a binding agreement to purchase the car. It does not matter that the date of sale is shrouded in mystery.
Those opting for the "binding commitment" offer from Elio Motors will have to shell out $7,000 upon delivery, and this money is non-refundable. The binding commitment ensures that the customer cannot change their mind later and have to purchase the three-wheeled car irrespective of any delays or other circumstances.
The second pricing tier Elio Motors is offering for the Elio is also non-refundable and a tad more expensive as one has to pay $7,300. However, while the deposit is non-refundable it does not contractually bind the customer like the first offer.
So, basically, the only incentive is that you save $300 on the first offer. Additionally, those opting for this offer will need to sign a form that confirms they will purchase the car regardless of when it is up for sale.
The two pricing models from Elio Motors, however, are only valid when the company touches the 65,000 reservations figure.
"Based on our current engineering models and materials calculations at this juncture, we will lock in the base price for 'non-refundable' reservation holders at $7,300 until we reach 65,000 total reservations (all reservations, both non-refundable and refundable). Given the current expectations, this price supports our vision and provides the most affordable vehicle option on the market," explains the company's CEO Paul Elio.
Whether Elio Motors will increase the price for its three-wheeled car after this milestone is unclear at this point, but its assertion seems to suggest that it might. The company currently has 56,000 people who have signed up for the vehicle, and the price could possibly change once it crosses the 65,000 mark.
The company is also offering customers who fall in the "refundable" reservation category the option to convert to the "non-refundable" reservation. If they take the bait and fall for the lure of benefits such as a 25 percent reservation bonus, a bumper sticker and a limited edition T-shirt, then they can do so.
Refundable reservation holders have the advantage of being the first to get the vehicle, as well as getting the deposit amount refunded if they canceled the reservation, for whatever reason.
