Slomo,
Check out what a cylinder going off in a car does:
http://www.thescubaguide.com/gear/tanks/safety.aspx
I'm envisioning a scenario where an accident shears the tank loose with some other piece of the vehicle still attached to it. Then you've got a projectile bouncing around.
Outside of the safety problem, the compressed air car has a bigger problem - how do you generate the necessary air and transfer it to the vehicle in a cost effective manner?
I teach scuba diving, and maintaining the compressor is a . And it sucks down a lot of electricity, and the gas powered ones are even worse. But I don't know why I'm worrying about like that,
croutons says we don't have to take that part of the equation into account.
I guess he's planning on free energy or some sort of perpetual motion compression machine
