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?