In the past year, as gas prices rose to nearly $5/gallon, a lot of Americans started driving less. Now that prices at the pump are falling again, I’ve wondered if I’m still saving loads of cash by being car-free. My conclusion? Yes!
An example: ways I’ve saved money since selling my car:
Car insurance = $100/month ($1200 annually)
Gas = varies, but to be conservative, $400 annually — my car got great gas mileage, and I didn’t have a long commute. Even when gas was pricey, I wasn’t spending all that much.
Registration = $60 annually
Smog Testing and Repairs = $50 annually (last year it was $150, but it might not be so bad every year)
Repairs (my car was fully paid for, but old): $350 annually
Gym Membership = $30/month, $360 annually
Unecessary shopping =$25/month, $300 annually (this is a guess, but probably on the conservative side)
I save about $2,700 each year by not owning a car.