You could probably pick up an old VW Bug, swap in the smallest motor, and achieve excellent fuel economy. The car is not streamlined (Cd ~0.45), but it is extremely light. Parts are plentiful, so it should be cheap to operate.
I bet a moderately modified bug could eke out 35-40mpg if you drove like you really wanted it. You'd probably have to stay away from freeway speeds (55mph+) to see that kind of mileage, though.
- LostCause
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