HOW MUCH IS YOUR COMMUTE COSTING YOU? THE TRUE COST OF CAR COMMUTING

It’s like the world doesn’t want you to own a car.

Everywhere you turn, there is yet another compelling reason to ditch your vehicle or trade it in for a bicycle or a nice pair of running shoes.

Cars in most cases, are a financial liability. If you’re not a taxi driver or using your car for a cab or hire service, it is probably costing you a staggering amount of money, not to mention contributing negatively to the environment.

However, the justification is that a car saves you time, is more convenient, and makes life easier, thus saving you money… These might sound like valid points, but on further analysis they may not be as valid as we might think.

The infographic below from InvestmentZen shows how your daily commute to work could not only cost you thousands of dollars per year on average, but could also cost you well over a million dollars over your life span in terms of the opportunities lost.

The calculation factors in depreciation, gas, maintenance, lost wages and mileage. As much as saving money is important, InvestmentZen also considered how that money could have been channelled towards something more meaningful, like retirement planning.

The next time you drive your car to work, this will not only give you a clear idea of what you are doing with your money, but also what you have to do to recuperate it.

Consider all the various options: car pools, public transportation, relocation and cycling, based on what is realistic for you.

The decision you make today will go a long way to improving your personal life, traffic gridlocks and of course, other city-wide sustainability efforts.