Already on sale in Europe and Japan, Mitsubishi has been developing the i-MiEV for a number of years. When it hits the U.S. market in late 2011 it will provide some much needed competition for other electric cars. Pricing on the i-MiEV has not yet been set but is expected to come in around $30,000. It is unknown whether or not the i-MiEV will be available for both purchase and lease, but as with most plug-in vehicles the i-MiEV qualifies for a $7,500 federal tax credit—which you can claim on your federal income taxes if you purchase the vehicle yourself. You will only qualify for the entire credit if you have a tax liability more than that amount.

If Mitsubishi decides to lease the i-MiEV that option may be a good choice if you don't have a high tax liability; when you lease the vehicle Mitsubishi is able to use the entire $7,500 tax credit as an additional down payment on the lease and then can claim the tax credit themselves. In addition to the federal tax credit, many states offer additional lucrative incentives—including state tax credits, instant cash rebates, carpool lane access, and special parking privileges.

As with all cars running on electricity and an electric motor, the i-MiEV's operating cost per mile can be several times lower than a comparable combustion-engined vehicle. Using the U.S. average electricity price of 12 cents per kilowatt-hour, the Focus Electric will cost approximately 3-4 cents per mile to operate. Electricity prices are incredibly variable around the country and world, so you'll want to do your own calculations depending on where you live. The i-MiEV also benefits from having a relative handful of moving parts compared to a combustion-engined car and drivetrain, and also lacks emissions equipment, which can add up to significant service savings over time—no oil changes or catastrophic mechanical failures.

The i-MiEV's closest all-electric competition is the 2011 Nissan LEAF and the upcoming 2012 Ford Focus Electric. Although the pricing for the Focus Electric is yet to be set, the LEAF starts at around $33,000 and we expect the Focus Electric come in a bit higher—likely making the i-MiEV the most affordable of the bunch. The difference in pricing has mostly to do with differences in range, battery technology, cargo/passenger space, and vehicle size between the three vehicles.