A long time ago I use to ride the bus to Downtown Rochester, New York, to get to work.
Every day I’d catch the bus to the RTS Transit Center. From there I’d walk about 15 minutes to my job.
This option was much cheaper and easier than when I owned a car, because I didn’t have to worry about maintaining it.
Paying for overpriced gas.
And paying for unsafe parking.
Taking the Bus Saved Me A Ton Of Money
For 8 long years I took the bus no matter what the weather was.
I took it in the blistering cold.
Humid weather during the summer.
And tornado force winds.
Despite these rough weather conditions I took the bus and here’s why!!!
The Bus Is Cheaper Than Buying A Car
When I purchased my car I got it for $1,500 less than what it was worth.
That amazing price was a result of some incredible negotiating on my part.
But it was still very expensive.
According to Loans.com the average new-car price was at $36,113 toward the end of 2017. That’s a huge increase from five years ago when the average price was $33,525. Kelley Blue Book and Edmund’s data states that used car prices increased between $16,900 to $19,400.
The expenses don’t stop there. There’s plenty more.
Riding the Bus Doesn’t Require Paying For Plates, Inspections Or Car Insurance
You have to also pay for plates, inspections, and good old car insurance.
According to TheSimpleDollar.com, average car insurance costs around $815 per year. Of course, there’s many factors that can affect this, something they explain very clearly in the article.
Factor in the rising cost of gas, something Time.com estimates to be rising faster than all other consumer goods, and you’ll understand why I preferred the bus.
At $15 per week for 52 weeks out of the year, you’d still be paying only $780 to ride the bus.
Mix in a folding bicycle such as my Brompton, that can be combined with bus trips, and you’ll be paying even less.
Cars Depreciate Rapidly
According to CARFAX, both new and used cars depreciate.
As soon as you drive off the lot, your new car loses about 10 percent of it’s value. Each year your shiny new car deprecates between 15-25 percent.
By time it reaches five years, your car will have depreciated by 60 percent.
I’ve included a great video below that explains depreciation. Make sure you check it out!
Should You Sell Your Car And Ride The Bus?
Only you can decide if selling your car and riding the bus is right for you.