Ray Taylor Tetreault posted:
Not to sound like the poster child for the criminally insane, my wife and I have done the math to find that, while we would love to do without our $450 a month vehicle expense, it is cheaper to drive (have a vehicle) than several alternatives available to us... for our situation.
As retired homeowners in a sleepy suburban condo with literally nothing in walking or bicycling distance it would cost us more than that $450 a month to move anywhere on the planet and that includes moving across the street. Our condo mortgage is $400/mo and the maintenance of $220/mo cannot rent (or buy) anything, anywhere. We would be paying very close to $620 per month for a studio apartment and what we have is a 2 bedroom, 1-1/2 bath condo unit. Looking closer, the expense is actually $275/mo. per person for our vehicle.
Our vehicle will be paid in full within six months reducing our expense by $280 a month for several years before it will need to be replaced, barring accident or costly repair unforeseen. That will free up that amount that can be saved (with interest).
We could qualify for senior transportation in our community but that's not the case for others so it's important to look at all costs and options. A blind person who cannot drive is a different situation than a person who is looking to give up their vehicles for the budget booster of not driving. We could reduce our cost by renting a vehicle for two or three days per month and come out ahead. We may be able to get Uber / Doordash services for less than $450/mo. OR... we could end up paying far more by needing an ambulance for ER and medical needs.
The cheapest way, to answer the posed question, is definitely by foot; however, everyone's mileage (literally) and resources will vary. Single people, working couples, families with children each have their own practical and impractical options and solutions.
You certainly have done your research. Kudos to you!