Riding your bike is not only good for your health and the environment - but it can do great things for your wallet as well. Riding a bike really can save you money!
Did you know there are over 30 million motorists in the UK paying, on average, over £160 per month on running a car? A report commissioned by Kwik-Fit calculated that drivers spend £162 per month on things like fuel, insurance, road tax and servicing. And that doesn’t even include the cost of the car itself.
You could make significant savings by driving less. Now, we’re not suggesting that you ditch the car entirely because we appreciate that it isn’t a possibility for everyone. However, by reducing your mileage you won’t only save money on fuel, you will save on car maintenance too.
Bike riding is the second cheapest mode of transportation (after walking), but how does it compare to other modes of transport? Let’s take a look.
Pedalling saves the pennies
According to Cyclescheme, riding a bike can save hundreds of pounds per year. When comparing the costs of travelling 2,500 miles, they found the following:
🚲 Bike costs = 16p per mile
🚙 Car costs = 29p per mile
🚌 Public transport = 25p per mile
Second car costs
There can be even more costs involved if you own a second car. Typically, the second car gets used far less but it will cost almost the same amount. Road tax, insurance and other fixed costs need to be paid even if the car isn’t frequently used. Thinking about ditching the second car? Let’s see (roughly) how much you could save:
That’s a whopping total of £2,707.52 a year! Or you could think of it as an 8.7% pay rise based on the UK median annual earnings.
Riding more and driving less could do wonders for your wallet. Besides the obvious savings, there are other financial benefits to consider. You could cancel your gym membership, switch your social activities to bike-based activities and reduce your sick days by improving your physical health. And then there's the overall improvement to your quality of life - you can't put a price on that!