I've decided that it's time to sell my car while it's still an easy sell (Grand Prix heading on 200,000 km). I have ~$1k owing on it to my parents. Hoping for $4-5k in the sale, based on the history of the car, then I'll pay them back. The car is my only debt right now, but I pay everything for me and my partner so he can pay off debt (started at $30k, now down to $12k - next year we can start saving his salary!).
We were looking at cars and really liked the Matrix/Vibe, but I realized there's still some good weather left in the year, so now might be the time to start biking. I'm looking at a used electric folding bike for $600. Snow will hit mid-October to (if I'm lucky) mid-November, and work is 8-9 km away. Just re-signed my lease.
I want to sell the car, buy the bike, and save money and use it as long as I can until I (knowing myself) want to switch because of the cold. Might get another car then. Am I crazy?
There are bound to be weeks of -20 to -40 degree weather, tons of snow, and layers of solid ice on the road, so I am definitely calling it quits at some point. Public transit is available too... I might combine public transit with biking but hate just transit. Some of the routes in the city suck, and the one between home and work is one of them. I can get weekend rental cars as needed for ~$10.
Car costs per month:
Loan $250
Insurance $130 (this is Canada)
Gas $100
Maintenance $150 (averaged)
Total = $600
Adding it all up, it sure seems like a lot!
Monthly income after retirement fund contributions (15%) and taxes: ~$2,900
Commute: 20 min driving, 45-60 min transit (not 100% reliable)