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.
- 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
This blog was originally written by Alain Guillot. Finance Blogger and Podcaster.
1 Response
Alain
Thank you even for sharing my story on your blog. :)
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