Is biking cheaper than driving? Can you really save money by switching to a car-free lifestyle?
Predictions show American’s will spend almost $15,000 every year on health care by 2023. On that basis alone, we argue that biking will save you money. After all, biking fights or prevents the most common diseases facing Americans.
And while the health benefits stack up, there’s a time cost to biking as well. Typically cars get you where you need to be much faster than a bike. If the cost savings isn’t worth the time expense, we can’t really argue that biking saves you money.
The Cost of Your Car
- Your monthly car payment divided by 30. We’ll label this A.
- Your monthly insurance payment divided by 30. We’ll label this B.
- How far you drive every day (on average.)
- Your average mpg.
- The cost of gas.
- Your answer for 3 divided by your answer for 4. This will tell you how many gallons you go through every day.
- Your answer for 6 (gallons per day) times your answer for 5 (cost of gas.). We’ll label this C.
- A (daily car payment) + B (daily insurance payment) + C (daily gas payment) = your total cost to own your car every day.
If applicable, don’t forget to factor in parking permits. And keep in mind you have to change your oil every 3,000 miles. And budget for occasional mechanical repairs too.
A Case Study
So what about biking?
What About You?
The Jury Is In: Biking is Cheaper Than Driving
If you haven’t done so yet, take the time to find out if biking is cheaper than driving for you. You may be surprised by exactly how much you can save every year by getting rid of your car. If that seems impractical, look into getting an e-bike with a trailer. Switching to a bike provides a ton of health benefits. It’s better for the environment, and now we can show you it’s cheaper on your wallet too.
Think biking won’t work with your lifestyle? Maybe an e-bike will! Learn how an e-bike can help anyone make biking a part of their life.