The savings may be substantial, but the single-car lifestyle won't be a free ride.
It costs less to insure one car, but it might not be half as much. That's because many auto insurers offer multicar discounts, such as State Farm's reduction of 5 percent to 20 percent of the premium, says State Farm spokesman Dick Luedke.
"The more cars there are in one household, the less mileage per car is driven. So the risk is lower," Luedke says.
There are also transportation costs to consider. For example, a 30-day subway pass in Atlanta or Boston costs about $60 per month.
And even the best commuting strategy should include a backup plan for emergencies such as when the car is in the shop. If you can't hitch a ride, that might mean renting a car for days or weeks.