The Chevy Volt - GM claims the electric car will get 230 miles per gallon and the headlines have been showcasing it ever since…

"I had to take a double take…" (FOX News)

“It goes 40 miles on a charge, but there is a gasoline powered engine, essentially a range extender, that recharges the battery as well, it can up to 300 miles of range.” (FOX Business)

“Their calculation, with electricity and utility rates where they are right now, about three cents per mile, is what it will cost people to drive the volt.” (CNBC)

We’ve heard about the Volt before, but with the new knowledge that it could be the first vehicle to get triple digit mileage, the conversation is being driven in a new direction.  Our research shows some media are talking excitement, while others show skepticism.

First MSNBC’s Morning Joe has the former.

“We will lead the world, for those people who say we can’t do it, I’ve always said just go to your Toyota dealership and open the hood, the technology is there.”

And even if the reality on the road doesn’t live up to GM’s 230 miles per gallon calculation, a writer for BusinessWeek still gives the company credit.

“GM insiders say the Volt could easily get less than 100 mpg on the highway, maybe even as low 50 mpg if it’s driven hard. But they’re thinking that the car will get a combined rating for city and highway mileage of 124 mpg. That’s still mighty impressive.”

But some media are pointing out that not only is the mileage number sketchy, but so is the cost effectiveness.  It has an estimated 40,000 dollar price tag, and CNBC points out that the government –who now owns most of GM – has said the initial interest may not be enough to get the company back in the black fast.

“They don’t expect that people are going to flock out to showrooms and buy these vehicles, there’s limited production right off the bat, b/c of the battery issues they have, in terms of developing those, it’ll be many, many years before we see GM return money, or make money on the Volt, that was the criticism of the task force.”

And an anchor also on CNBC says even the environmental aspect may not be all its hyped up to be.  She takes a hint from what she says auto parts executives have told her.

"If you look at it equal, an electric coal and gas powered car, way structured now, with our grid and how its powered, an electrical vehicle going through process will just as much, actually more co2, then gas powered vehicle, but it isn’t something that isn’t fixable and you can change it, but it just goes to show you when you put all your eggs in one basket and assume lets go electric, that’s the panacea, it’s not that simple.”

So are you ready to buy the Volt when its set to be sold in 2011, or are you thinking it won’t live up to the hype?