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If you had to buy another car, I think it'd be better to get a more fuel efficient car than to get one that can do E85. You'll reduce America's dependency on foreign petrol AND have lower fuel bills, most likely. Are there any E85 compatible vehicles that get better than, say, 40 miles a gallon? These days, it makes no sense to buy a passenger car that gets less.
As for the merits of E85 itself... the studies I've seen show that ethanol produced from corn is rather inefficient, and even if we use all the arable land in the US to produce corn for ethanol, it would not be enough to meet the demand. Ethanol from sugar is more promising, but politically infeasible. I think improving vehicle efficiency will have more of an effect on petrol use in the US than switching to E85.
That said, if it was cheaper I'd use it.
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"There are finer fish in the sea than have ever been caught." -- Irish proverb
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