Ek, you had me all ready to pile on, but your snip took ILTB out of context. He said that was not much to live on for a year. If you saved $7500 from being car-free and used it to take the next year off work, that would not be a lot to go on (though I'm certain I could).

It is, however, a serious chunk of discretionary spending (in many cases near all), and will make a big difference in financial health in the long run for most people if you bank it instead of having a car.

(just having fun with the snip on you)