I know a couple who, when faced with the decision of buying a new car, decided to move from owning two cars to just one and make heavier use of bicycles for local commutes and errands. It started with more of a frustration with becoming middle aged and being out of shape as much as recognizing the expenses associated with owning and operating a car. They bought two nice commuter bikes and, after two years, found their miles driven dropped by about 55% and they were in great physical shape, despite being in their mid 40s (he said he lost over 30 pounds and she went from a size 12 to a size 6). They also estimated they are saving about $8000 a year when they look at finance, insurance, operation and maintenance costs avoided.
They have something working in their favor - location. They live in Davis, California, which happens to be very bike friendly.
Last year they bought a European cargo bike for shopping trips where you might buy over 100 pounds of stuff or for buying garden supplies. It cost about $2000, but when you are saving $8000 a year on transportation and the bike will easily last a decade or two, that isn't a big deal.
NPR did a
piece on the emergence of cargo bikes in America. (listen or read). Also note you don't need to spend $3000 on a cargo bike, if you are really interested there are several
options for less.
Bikes are interesting -- they are
one of the most efficient ways to move people city scale distances (say 1 to 10 miles) and they are also at the human energy scale so using one is a very effective way to combine exercise and transportation. A real win if you want to save money and be fit.