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1.
Econobox is a term used to describe a cheap small car normally gas friendly with little to no factory installed options.

example...

Chevy chevette, Yugo, Dodge Omni, etc...
Only a fool would play chicken against that pimped out caddy driving that econobox.
by Bill Volz April 26, 2006
 
2.
A slang term for a small, boxy, fuel-efficient automobile with few luxuries.

Possibly the first econobox was the Austin Mini, first built in England in 1959.

Other well known economy cars like the Volkswagen Beetle, Fiat 500 and the Citroën 2CV are sometimes referred to as econoboxes, but do not have the requisite square shape of a true econobox.
Did you see that clunky, old Yugo? If that isn't an econobox, I don't know what is.
by Shant Jaltorossian March 12, 2008