Ever wonder just how much money you can save by embracing the cargo bike lifestyle? We often hear stories of riders claiming to save thousands a year, so we decided to crank the numbers for ourselves. After diving into the details, it became clear that you can save a significant amount of money by choosing the cargo bike over the car – but we were surprised by just how much. With a grand total of over $7,000 a year in savings, the cargo bike lifestyle becomes even more fun! Read below for the breakdown:
Replace your car miles with bike miles and save thousands on gas
The biggest and most obvious cost saver is money (not) spent on gas. Replace your car miles with bike miles and save around $2,000 annually!
US cars average 24.2 mpg at an average cost of $3.19/gallon. Assuming you ride 10 miles to drop the kiddos off at school each day, you are riding at least 20 miles per day, 5 days a week. That’s 100 miles, 4.13 gallons, and $13.18 per week, which comes out to more than $600 spent on gas each year – and that’s just your school trips! You can easily triple that number if you include grocery and errand runs, trips to dinner or to friend’s houses, weekend adventures, and more.
Alternatively, charging your e-bike undoubtedly has some costs, but just how much?
In the US, it costs on average 5 cents per charge. If we charge once a day, that’s 365 charges, and $18.25 per year.
$18.25 to fuel an e-bike each year compared to almost $2,000 to fuel your car. That’s incredible savings right there!
Little to no expensive maintenance
Cargo Bike maintenance is much less cost-intensive than car maintenance. With no expenses on license, registration or taxes, maintaining a cargo bike instead of a car saves you more than $1,600 annually!
Annual maintenance on the average US car comes out to about $66 per month, just shy of $800 per year. If you add an average of $150 for tire replacement and $687 per year for License/Registration/Taxes, that comes out to $1,629 per year that you are saving on car maintenance and upkeep alone! As we are not accounting for emergency expenses like motor breakdowns, crashes or flat tires, this number might even be higher.
Compared to car upkeep, your bike maintenance costs are much more digestible. Maintenance costs vary depending on the type of bike and the type of replacements needed just like a car would, however, average tune-ups range from $55-$150, with full maintenance or replacements averaging a little more around $100-$300 per year (the highest reaching $600 for full replacement of gear on a mountain bike!).
Unlike a regular car, cargo bikes can be parked free of charge. With no parking expenses for bikes, you save about $2,000 per year!
The cost of parking in America’s cities is rising exponentially. On average, we spend about $2,056 a year on paid parking – not to mention the cost of gas wasted while circling to find a spot! On a bike, parking is free and easy. With a good lock, you can stop anywhere to explore without worrying about finding the best deal on a parking spot.
Drop the insurance costs
While every car requires insurance, bikes can be operated without coverage. By choosing a cargo bike over a car, you save over $1,500 annually!
With the national average cost of car insurance at $133 per month, you can save over $1,500 per year when you no longer need to insure a vehicle!
While you can insure your bike, it is usually already covered through a choice in your homeowner’s insurance. It covers theft and accidental damage on your own property – incidents away from home on a ride are oftentimes not covered. This said, it is possible to insure your cargo bike further with a policy that covers away-from-home incidents. Please contact your insurer for more information.
The costs saved on medical care are hard to calculate as they vary so widely from person to person. However, the mental and physical health benefits of biking daily are undeniable!
On average, those who choose to bike over taking the car experience increases in cardiorespiratory fitness, improved blood pressure, weight loss, and greater resistance to illnesses. In addition, cyclists experience reduced stress levels and improved mental health, relaxation, and self-confidence. Not to mention, motorists breathe about 60% more carbon monoxide and significantly more pollutants than cyclists!
While we can’t put a quantifiable number on this cost of savings, the most important aspect is that those who choose to bike reap numerous health benefits that impact their daily wellbeing from the very first pedal stroke!
Other: Cost to the environment
Not only does riding a bike put money back in your wallet, there are also undeniable savings for the planet. The cargo bike lifestyle supports healthy choices for both you and the world we live in. Choosing to ride your bike over taking the car even just once a day reduces the average US citizen’s overall carbon emissions by 67%. That’s enormous!
Reduce your carbon footprint to save the planet’s resources, not just your own 🙂
Ditch the car and save $7,000 per year & more
With $7,000 in your pocket each year, think of the savings you and your family can take advantage of today and for years to come.
Living Smart is an investment in the future financially just as much as it is an investment in a healthy and sustainable lifestyle.
So what are you waiting for?
Leave the car keys behind, save money, and take the bike – sustainable adventures await.
Embracing Yuba Smart