Bren pointed out that the average American is spening roughly $7,830 per year ($650/month) on the depreciating value of their car. This estimate doesn’t even include the price of gas! That figure is based on driving 15,000 miles per year. So let’s say that if you drive a standard size sedan, you’re probably getting around 27 mpg (maybe a bit generous), and right now the average price for regular unleaded in the US is $3.31/gallon, so that adds another $1,839 per year in gas.
Just think of the wonderful things I could do with $9,700/year…I could get another bike (or two), take a vacation (or two). Although, I guess that’s not really how it works. I suppose it’s more accurate to think about how tight my pursestrings would be if I had $9,700 LESS per year, if I had a car. I would probably have to stop going out to eat, probably move into a cheaper apartment, and spend all my free time thinking about ways to drive less.