I had spent four years ignoring the obvious on this issue. Living 100 yards from a mainline bus stop, and working 200 yards from the stop 2.5 miles away, it was only four months ago that I did the math on what driving every day was really costing me. Even trying to be "green" by driving a $30k hybrid vehicle, the cost was simply unacceptable.
Monthly payment $500
Insurance (2nd veh) $80
Fuel @ $2.50/gal $8
Bus fare -$20
-------------------------------------
Savings $568/month
Taking this further and asking what my extra 20 minutes of daily commute time (by either bicycle or bus) is worth by ditching the car:
20m x 5 days = 100 min/wk
100 min/wk x 4 wks/mo = 400 min/mo or 6 hrs 40 min (6.67hrs)
$568/mo / 6.67hrs = $85 / hr
I don't know about you, but for myself and probably most of the rest of the world, making or saving $85/hr to ride the bus or, dare I say it, to exercise a little, is difficult to pass up!
Granted, I REALLY like nice cars, and having a $500/month payment could easily be removed from the equation by settling for more modest means that once paid for are reduced to maintenance, fuel, and insurance costs. Even so, for most people that is a MINIMUM of $100/month just for the privledge of owning the car - whether they drive it or not. And even that is still a cost of $15/hr with a mere 20 minutes extra commute time per day.
If all of this had dawned on me 4 years ago, I could have saved $24,000 in that time.
We do have another vehicle and $600/mo payment that we kept since selling the Escape Hybrid, but with kids and other demands, selling it too simply would not be practical. The bottom line is that for our area, some kind of vehicle really is necessary for our family without significant inconvenience and time cost, but the cost to inconvenience factor of not having a second vehicle is far less of an issue. In fact, until I somehow manage to start getting paid $85/hr, it just flat doesn't make financial sense to have a second nice vehicle, and even a paid for clunker still challenges my sensibilities when I think of it in terms of getting paid $15/hr to exercise up to 20 minutes a day.
At the end of the day on a scale of 1-10 with 1 being the most convenient, I'd rate my current situation at 3 or less. I simply don't miss driving to work, I can read a little when I ride the bus, and I have fun exercising when I ride the bike. (BTW, studded mountain bike tires work excellent and are worth the 50 bucks!)