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According to a 2004 American Automobile Association study, the average American spends $8,410 per year to own a vehicle. That's equal to $700 per month, and a lot of potential savings when you throw away your keys.
How much? If you take those $700 each month and invest them in an 8 percent annual return, it'll really add up. You'll have enough to do something like make a down payment on a house-$18,153-after two years. Five years of car-free living will net you enough to, say, pay cash for you child's college education (or about $51,433).
Like riding public transit, doing so can be easier said than done, but resources like car-sharing can help make the transition from owning a car to living car-free quite smooth. Get these and other tips in the book How To Live Well Without Owning A Car (2006, Ten Speed Press); author Chris Balish helps you do the math and offers handy strategies for tossing away your keys and not looking back. The first two chapters are available as a free download (PDF), and you can order the book from The Simple Living Network.
Difficulty level: Moderate
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