Trading in your beloved wheels for public transportation is definitely extreme -- especially if you live in the suburbs. However, doing so saves a bundle.
"If you can walk, bike or take public transit where you need to go, get rid of your car entirely," says Francine Jay, author of "Frugillionaire: 500 Fabulous Ways to Live Richly and Save a Fortune."
Jay says people who go carless save a fortune by eliminating gas, registration, insurance, maintenance and repair costs, as well as lease or loan payments.
Jeff Yeager, author of "The Cheapskate Next Door," agrees. He cites AAA figures showing that the average cost to keep a car on the road is close to $1 per mile after factoring in all of the associated costs.
"That's probably close to $10,000 a year," he says.
Yeager, who shares a car with his spouse, is a big proponent of renting a car when necessary.
"Think about how much of the time your car is sitting unused. It's just a tremendous waste of resources," Yeager says.
Jay says people who need cars only to run occasional errands can join a car-share program. For such people, "it's more financially savvy to borrow than to own," she says.