Wednesday, June 15, 2011

Impetus to Ride: An American's Testimonial on Saving Money By Bike Commuting

[Figuring] in the cost of the bike, average maintenance, and equipment, I’ve had to spend about $1112 to get through the year. If I’d gone cheap on the bike, this figure could be cut almost in half.

According to the AAA, the national average cost per mile is 58.5 cents. So after putting a little fourth-grade math to work, I figure my driving costs for the year would have been $2106. This means I saved roughly $994, even with such high starting costs. Next year, my savings should be a little more than $2000. Not bad!

And of course, if I really want to make myself salivate, I could always estimate how much next year’s savings would do for me if I invested it in an index fund for 20 years…
Source: Forbes

This is an American talking about one of the many things that keep us bike commuters on our bikes - the savings that we accrue from not driving. And that is the case of America. In Singapore's case, driving a car never made much sense, and its sensibility is highly pegged to the COE prices - which means that right now it makes absolutely no sense to drive if all you want to do is to get yourself around.

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