How I save thousands of dollars by giving up my car

by Alex Herrick November 13, 2018 1 Comment

How I save thousands of dollars by giving up my car

Just last week I sold my car. One of the best car I have had in many years. A Hyundai Elantra. It was gas efficient, it had great acceleration and it has a beautiful design.

Our relationship didn’t make sense anymore. I don’t have any real need for my car. In the past, I justified being a car owner because I could use it in my Airbnb business, but I don’t have it anymore, so goodbye beautiful car.



Hello Bike 
Instead, I am reaffirming my relationship with my old bike. My bike has been with me for years, always loyal. I use it all during the year, I even use it in the winter at -20 °C (-4.0 °F).

How has my life changed since I did this change?

I am saving tons of money. Here are my savings per year.

 Insurance 830
Registration 270
Gas 600 (assuming $20/month)
Maintenace 200 (oil and tire change)
Parking 60 ($5 X 12 months)
Parking permit 140
Depreciation 500
Opportunity cost 400
TOTAL 3000 (and over!)


Additional benefits of not having a car
  • Not having to worry about parking the car in front of my apartment
  • My car was broken into several times. There was nothing to steal but I felt violated every time.
  • More walking/biking, which improves my health
  • I am contributing less to the pollution of the planet
  • I feel better when I consume less
  • I don’t have to worry about where to park my car when I travel
  • I don’t have to look for parking spaces when I go places
  • I don’t have to worry about ever hurting anyone while driving (me too, I can be a distracted driver)
  • I am a minimalist. I hate owning stuff
  • I can get friends to come to my neighborhood, instead of me going to their neighborhood, because I don’t have a car
  • I save a few minutes of my life by not having to worry about payments
  • If I take the metro or an Uber, I get to read or make phone calls while being transported.
  • Our cities are polluted with parking spaces everywhere. I am glad I am not contributing to that.

    My loyal bicycle
    The downside of not having a car
    • Occasionally I have to rent a car, about once per month at the cost of $5/hour plus gas. $25/month x 12 months = $300
    • Occasionally I rely on others to give me ride
    The choice is yours.

    This blog was originally written by Alain Guillot. Finance Blogger and Podcaster.



      Alex Herrick
      Alex Herrick

      Author



      1 Response

      Alain
      Alain

      February 18, 2019

      Thank you even for sharing my story on your blog. :)

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