Semiretired: Downsizing from Car to E-bike

Operating a Car Costs $1,000+ Monthly

No longer is it such a radical thought: Shifting from operating a car to getting around on an e-bike. The idea can be especially appealing to the semiretired.

During the peak of a career car ownership usually was a necessity. So, you sucked up the expense and put up with the angst of anticipating major repairs. The exceptions were being based in locations with good public transportation. Those ranged from Manhattan to Pittsburgh, Pennsylvania.

Post-career, it can cause serious budget pain to manage maintaining a car. That expense varies greatly. But the average per month, documents Nerd Wallet, is $1000+. Also, you’re factoring in that you’d have more options about the kinds of work you do now and how much you need to earn to make ends meet if you weren’t locked into the financial burden of a car.

An alternative is for your primary transportation to be an e-bike. Lots of budget-sensitive aging are thinking along those lines. Technology has made it possible for bikes to no longer be for simply for recreation and fitness. The trend is called “micromobility.” Bloomberg reports that 18 percent of bike sales are for e-bikes, up from 2 percent in 2016.

In most jurisdictions there’s no requirement for registration or licensing. Most no longer mandate helmets for adults, only for minors.

They can be ridden on the street or, in some areas, the sidewalks. Not on highways though.

Average miles per hour range from 12 to 50. The average range of a charge is from 15 to 40 miles.

The calories consumed, if you do peddle assist, ranges from 100 to 600 an hour. But you don’t have to peddle is you use the throttle.

E-bikes can be kept in your apartment, house or garage. But insurance for theft is available through personal-items policies from companies like State Farm. That policy from State Farm has no deductible so if the e-bike is stolen you receive the entire market value.

For an e-trike that’s $209 annually.

And, now the cost factor.

Although the average to purchase a new e-bike is $2,000, the range is from $500 to $6,000. Yes, they can be ordered online. On platforms such as Craigslist you can find used ones. An e-trike with low mileage was listed there for $1,000.

Batteries last several years and replacements range from $300 to $800. Charging runs about $10 to $15 a year in electricity expense.

The tire problem has been solved with the invention of tubeless tires. E-bike stores like M&M Cycling in Sierra Vista, Arizona guarantee those for a year. But if you have to buy a new tire that will cost between $10 to $70.

For brake pads that’s about $15 to $50.

For chain and drivetrain $30 to $100.

Suppose your e-bike breaks down a few miles from home? AAA in Arizona, I found out, doesn’t provide towing for those, only traditional bikes. So, you might have to contact a friend with a pickup.

When if it rains? There’s attire for that.

A downside is that you can’t be totally spontaneous. A charge from 40 percent battery capacity to 90 percent (you don’t want to overcharge since that wears out the battery faster) can take about 2.5 hours. Also, it’s suggested you wait about 30 minutes before going for a ride. If you’re riding and you use up the juice, you just have to shift to old-fashion peddling.

For backup transportation there are Uber kinds of options and rental cars. The rub with the latter is that, if you no longer own a car, you no longer have car insurance. With every rental you have to add on the cost of at least two types of insurance.

So here you are. How to decide?

Well, if you’re in most locations you’re observing lots of e-bikes on the road and on sidewalks. When they lock up the e-bike, ask what you need to. Also, those operating specialty bike shops love to talk about e-bikes. The internet has myriad kinds of videos how to start riding.

With the cost savings from being liberated from maintaining a car you can be choosy about what work you’ll do, for how much and how often. Semiretirement can be more on your own terms. You’ll probably rule out ever retiring. Henry Kissinger and Betty Whie worked into their 90s and in his 90s Warren Buffett is still at it.