So, recently my sister implied that perhaps I'm really not saving money bike commuting as I have a tendency to buy bike-related stuff. (ok, maybe a lot). So I thought I would break down the numbers and find out if I really am savings money.
Before I get into too many details, let's have some full disclosure:
1) We're now a one car family, so my savings will be significantly more than someone who still owns a car. I get to save money on depreciation, insurance, registration, maintenance, etc, that someone who owns a car wouldn't.
2) I am not including hospital bills from when I broke my ankle this past January. This is because I have a high-deductible health insurance plan (read: I paid for basically 100% of the costs) and this would have been avoidable if I had ponied up the cash for studded tires. Or just not been dumb.
Alright. For the costs side of the equation, it is pretty simple. Because I am hyper-detailed about money, we use Quicken to track every penny. I have a category called 'transportation' for all non-car transportation spending, which so far has only been bike stuff.
Total spending over the past 12 months: $1,455.78.
I'd like to point out that about $1050 of this is the long-haul trucker. If we were really being accurate, I'd amortize that amount over the bike's useful life, be conservative and say 5 years (for all parts, and I get free tuneups), so really you could get away with saying that this year's cost was only like $210, so this year's total spending would be like $650. Big difference, but who's counting.
For the savings, I simply used the current IRS mileage reimbursement rate of $0.585 and only accounted for miles to and from the office. The office is about 8.2 miles from home, so I figured 82 miles a week for 50 weeks a year, which comes to:
Total cost of driving for 12 months: $2,398.50.
This doesn't even reflect any miles I've saved riding to the store or the hardware store or anything like that.
So there, sister of mine. I have saved money. And this doesn't even reflect how much I love to ride, and how much healthier I am because I ride 100 miles a week, and I don't have the stress of sitting in traffic 5-10 hours a week.