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I drive a Ford Focus that gets 35 mpg and I've never had to search for parking. Even in downtown Minneapolis and St. Paul. There is always somewhere to park, it just depends how much you're willing to pay for it.
This car might be interesting or useful for a very tiny part of the population, but I would think a scooter (of the variety that is extremely popular in European cities like Madrid) would be more efficient and practical, and could park in even more places. To me the smart car seems like nothing more than a novelty... it fills no niches that other cheaper, smaller, more duel-efficient vehicles like mopeds and scooters don't already occupy.