Since selling a vehicle in November of this last year, I've been biking and riding the bus to work. Here's the rough financial breakdown on savings to date:
Payment on $30k vehicle - $500 x 5mos = $2500
Insurance $100 x 5 mos = $500
Fuel 20gal x $2.50 = $50
Less $500 for a new bike and roughly $15/mo for the bus, it's been worth close to $2500 in savings overall in just 5 months. The only real drawback for me is about 5 extra minutes each direction by bike, and 15 minutes by bus. I'm obviously giving up the luxury of heat and weather protection, but figuring in the roughly 1050 extra minutes I have given to self propelled commuting, that works out to over $140/hr for my 'inconvenience'.
I think I can stand a slight delay for that.
Obviously taking a loan payment out of the picture changes the economics of this substantially, but I still look at it as getting paid to exercise.