Benefits of Cycling to Work
Part 2 - for your wallet💰
Good for your wallet!
Cycling to work isn’t just good for the planet and your health - it’s great for your wallet too. Plus, the economic benefits of cycling extend far beyond individual savings. Here’s how switching to cycling can lead to financial gains for both individuals and society.
For the purposes of this article we’ve illustrated some savings based on a modest commute and an average of 2 days per week replacing a commute by car with a bike. It’s worth noting that the real life savings will vary based on a number of societal and individual factors (take our calculations with a pinch of salt!)
Lower Transport Costs
The average cost of owning and maintaining a car in New Zealand can easily exceed $10,000 per year, factoring in fuel, insurance, registration, maintenance, and depreciation (Money Hub). Cycling, on the other hand, has minimal ongoing costs, with an average annual service costing you around $200 per year. Switching from driving to cycling can save you thousands annually.
If you aren’t going full hog and replacing your car entirely, switching from using your car to an e-bike for commuting can result in substantial financial savings. E-bike owners commonly save on fuel, parking, and maintenance costs, with reductions in expenses of up to $250 per week. Over a year, this can equate to thousands of dollars saved. While the upfront cost of an e-bike - typically ranges from $2,000 to $5,000, the long-term savings often offset the initial investment within months to a couple of years. And guess what; you can save through Workride’s programme, but more on that later…
Vehicle Running Costs
If you take the jump and replace your car altogether or replace your second family car with a bike, the savings you’ll make on running costs are even more significant.
Average costs in New Zealand are - maintenance ($1,000),Insurance ($1,000), Parking ($500) and renewing a Warrant of Fitness and Registration ($300). It’s also worth bearing in mind the cars depreciate in value, and it is almost unavoidable. Get rid of the car, and you automatically save yourself $2,800. Admittedly, you may spend additional money on public transport, or car share schemes, but you’ll still make a net saving.
Save on Parking Fees
Parking costs in urban areas can be a substantial expense, with daily rates in major New Zealand cities often sitting at anywhere from $6 - $20. Using the same modest 2 days per week commuting by bike and a parking cost of $10 you’d save around $940. You also eliminate the time and stress taken to find parking spots. Many workplaces now offer free bike storage making it an even more attractive option.
Avoid Rising Fuel Prices
Fuel prices are unpredictable and often on the rise. By cycling, you’re no longer at the mercy of fluctuating fuel costs. A recent analysis shows that even a small reduction in car use can lead to significant savings over time.
As of January 2025 the average fuel price is $2.57 per litre for petrol at the pump. That means filling up the average 65-litre petrol-run car would set you back $167. If the average person chose to commute 2 out of 5 days per week at a 9km round-trip, you'd save around $240 annually! No small amount given the subtle shift in behaviour.
Wider Economic Benefits to Society
Investing in cycling delivers benefits to New Zealanders and our communities. For every $1 invested in cycling infrastructure, the return can range between $4 and $20, factoring in health, congestion, and environmental savings (NZTA).
Cycling also slashes public health costs. Every kilometer cycled instead of driven delivers a societal health benefit of $1.30 by reducing risks of diseases like heart disease, diabetes, and obesity. In New Zealand, these savings amount to tens of millions annually due to fewer hospital admissions and improved mental well-being (NZTA).
A study in Australia (Lee J 2008) found that cyclists spend up to 40% more at local businesses compared to car users. Switching one car park to six bike parking spaces could create an increase in retail spend from $27 - $97.20 per hour.
As you can see it’s not just your personal wallet that will be lighter, but a powerful economic driver for a more sustainable and prosperous New Zealand.
Ready to Save with workride?
Workride makes it easy to start cycling with significant financial benefits. As if the financial case wasn’t compelling enough, with Workride you benefit from an additional offset between 32-63% off the cost of a new bike, e-bike, or e-scooter.
Start your Workride journey for free today!
Click the link below and complete the form to receive a free information pack.