I’ve been thinking for a while that I’d like to sell my car and live without one. I already use my car fairly rarely. I live close enough to work that I can walk. The climate in Santa Barbara is very amenable to not driving, since it rarely rains. And I now have a motorcycle that I can use when I just need to get somewhere a bit further (and it’s not raining).
I would also expect to rent a car several times a year for longer trips.
I am thinking of this as having both financial and ecological/quality of life benefits. I like walking and riding my bike, and I used to do it more often. But I’m often lazy. I think that not having the car would provide a bit more incentive for me to do so.
Here are my economic considerations.
[ul][li]On average, I spend about $1500/year on car ownership, including registration, smog, repairs, maintenance, and depreciation.[/li][li]My car is worth about $5000, which costs me about $300 in lost investment gain a year.[/li][li]My insurance costs around $500/yr.[/li][li]I seem to end up with about $100 in parking tickets a year, just from forgetting to move my car for street cleaning.[/li][/ul]
So, if I can reasonably rent a car for, say, $2000/yr or less, when I need to, I figure I’m coming out ahead. I’m not including the cost of gas in my calculations, but I’d expect to spend less in that area as well, both because I expect to drive less and because the econobox rental car I’m likely to get most of the time will be better on gas than my current car.
I have no experience renting cars, but from checking out a few car rental websites, it looks like I can have a reasonable expectation of < $80 for a weekend rental, without insurance. That gives me about 25 weekends of rental a year.
I’m guessing that I’ll need to get insurance, though. If I buy the car rental insurance, it pretty much doubles the price. That takes me down to 12 weekends a year. That seems doable to me (although I’m hoping that I can find a cheaper way to get insurance). I am currently doing a test run where I don’t use my car, to see how it goes.
Am I missing something major? Anyone who’s done this want to offer helpful suggestions? Any car rental companies that have really good repeat-customer benefits?