Owning a car in Greece is expensive, so when I decided to go car free and recycled my old car, I was amazed on how much money I saved within six months of cycling, cab rides (quite cheap compared to other countries) and a bit of public transport.
My current "guesstimate" would be savings in the $2,500 to $3,000 range WITHOUT emergency repair costs or accidents; now double this amount because of the difference in lower wages and higher costs because of the crisis/depression.
Putting savings aside, my biggest reason to continue cycling is how much my stress levels during commute have decreased; even with bad drivers and road conditions. My car commute was relatively short (10-15 minutes), but I would need at least 20 minutes to find a parking spot... this both on the way to AND from work.
Now, I cycle to work, and have gotten permission to use the underground executive parking to safely store my bike... home-to-work in roughly 25 minutes without any delays and frustration!