Living a Car-less Lifestyle – Could you imagine live without a car?

I have a coworker that has recently totalled his car, sadly by bumping into a curb and releasing the airbags. The car was in fantastic shape with low mileage and kept indoors most of the time, but the deployment of the airbags is a $8000 cost. Anyway, he’s been trying to make a decision on whether or not to get a new car. They live inner city and hardly use their car except to go up to Edmonton or to the mountains. We gave him the idea on not getting a car and just renting whenever they wanted to go on their weekend trips. Yes, imagine living without a car.

The question: Could you live without owning at least one vehicle?

Here’s some of the math involved:

New Car Option:

  • New car: $25,000

  • Insurance: $1300 /year

  • Two tanks Gas month: $960 /year

  • Maintenance: $750 /year 

Assumptions: A car will be viable for about 7 years, so lets divide the cost of the car by 7.

Grand total: $6581 per year
Over 7 years: $46067

Carless lifestyle option:

  • Renting a standard size car one weekend a month with full insurance: $71 /weekend x 12 = $852  
  • 1 tank of gas on each rental: $480 

  • Transit pass book of 10 tickets x2 x 12 months: $660 

Grand total: $1992
Over 7 years: $13944

The difference over 7 years you’d save $32,123 in favor of no car!

Did I forget anything? Anything else that you’d add in either case? You could even throw in two nice bikes for $2000 and still be way ahead. Even 4 cab rides a month to the airport ($1920). Seems like a no-brainer. Join Car2go as well.

Not bad, you sure could knock down your mortgage over 7 years and really decrease that overhead too. So again, could you do it, could you live without a car?