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. :)

      Leave a comment

      Comments will be approved before showing up.


      Also in News

      Enjoy the beautiful parks of the area... by bike!
      Enjoy the beautiful parks of the area... by bike!

      by Stéphane Gagné 🚴🏽‍♂️ April 02, 2020

      At any time, I love cycling. For me, it makes sense to "drive" towards my leisure places to practice walking or running. I use motorized vehicles (car or bus), only when the distances are longer than normal.

      Read More

      More flexible bike rides thanks to the bus
      More flexible bike rides thanks to the bus

      by Stéphane Gagné 🚴🏽‍♂️ October 05, 2019

      Do you think it's essential to have a car to drive in the Laurentian? Error! Thanks to the bus services with bike racks, it is possible to get there without a car. Story of this summer and fall experiences.

      Read More

      An extraordinary trip to Switzerland🇨🇭
      An extraordinary trip to Switzerland🇨🇭

      by Stéphane Gagné 🚴🏽‍♂️ August 08, 2019

      On a three week vacation this summer in Switzerland, I discovered a country where it is easy and pleasant to practice outdoor activities (walking, cycling, mountain running, etc.). I share with you my extraordinary experience.

      Read More