Correct. The Smart car is a dumb purchase. Leave aside the safety issues for a second. For what it costs, you can buy for the same money or I think less, either say, a Honda Fit or a Toyota Yaris, and get just about as good mileage, be safer, and prolly have better resale too.
I think the only reason for a Smart is if you live in some urban locale (NY, Chi) where the super short length lets you park where nothing else can. Otherwise it has no advantages, certainly not in fuel econ.