One of the things that really excites me about the future of cities and transportation is the rise of micromobility and specifically, this wave of electric micromobility that we’ve been seeing in urban areas.
I’ve been a fan of micromobility even before I knew that there was a term for it. Years ago, I wrote a post about how you could save over $100,000 simply by incorporating micromobility options into your daily commute. My thought was that people could reduce their car reliance by using what I then called “alternative” forms of non-car based transportation to get from their home to a larger mass transit network. These alternative forms of non-car based transportation included using things like bikeshare systems, kick scooters, and skateboards to shorten the distances between home and transit.
I never really thought of these modes of transport as real car replacements for your average person. I’m a bike commuter, so I know that it’s possible to commute without using a car. But I also know that most people simply aren’t going to move around using their own power, especially if they have to risk sweating in order to do it (for whatever reason, it seems like people are deathly afraid of sweat).
Just a few years after I wrote that post, however, the world seems very different. You’ll notice that in that old post, I never once mentioned electric micromobility options, mainly because I had very little interaction with these types of vehicles. E-bikes and electric skateboards weren’t very prevalent yet – at least not where I lived. And I didn’t even know that electric scooters existed until they started popping up on city streets in 2018.
I think 2018 is the year that we’ll say electric micromobility started to hit the mainstream. We’ve seen ridiculous growth in these sort of vehicles and whether you like them or not, these shared electric, light-weight vehicles have introduced alternative, non-car based modes of transportation to tons of people who otherwise would never have even considered it.
A few years ago, I thought of micromobility as just a last-mile solution for most people – something to ultimately get you from your door to something else that would get you to your office. If I could just get a few people to bike, scoot, or skate their way to the bus or train instead of driving, that would be good enough for me.
But now? I think we’re looking at electric micromobility vehicles that can basically act as your primary method of transportation throughout an entire city – getting you to work, school, the grocery store, and everywhere else you need to go without breaking a sweat. This is the way people should be getting around.
Electric Micromobility – Can This Be What Pushes People To Non-Car Based Commuting?
I’ve been bike commuting for years and it’s something I’ve argued that most people can do. A 3-5 mile commute using a bike only takes 15 to 30 minutes to complete, and even on hot or cold days, I think most reasonably fit people can handle that commute.
At the same time though, I get it. Biking just isn’t something that most people are going to do. There are a lot of reasons for this. The infrastructure isn’t right. Or the climate isn’t right. Or whatever myriad of reasons people have to decide to hop into their car to go somewhere.
But honestly, if I had to pinpoint one thing more than anything else that leads people to choose their car over other modes of transportation, I think it has to do with the fact that people simply don’t want to get tired or sweaty when they move around.
The car is wildly inefficient as an urban mode of transport, requiring a ton of space to store it and using all of its energy to move the car, rather than the person inside the car. But, it does come with the benefit of getting you where you want to go without having to use any of your own energy.
This is what makes the growth of electric micromobility so interesting to me. If the thing that stops people from getting out of their cars is not wanting to get tired or sweaty, then this can be fully addressed by pretty much any electric micromobility vehicle.
Most people can commute 10 miles or less very easily using an electric bike or scooter. Depending on where you live, this could even be faster than using a car. And you can do this all with almost no physical work.
Cost Benefits Of Electric Micromobility
With all that said, I’ve been debating for a while about whether to buy some sort of electric micromobility vehicle. I’ve been riding electric scooters for free for a while now thanks to being a scooter charger. I’ve debated about buying my own electric scooter, but ultimately, I’ve decided to hold off on that since I usually have a free scooter I can use anyway.
What I’ve really been eyeing is an electric bike. And this past week, my wife and I finally pulled the trigger and bought one from RadPower, which she’s now been using to commute to work.
Her situation seemed pretty well-suited for an electric bike. It’s a 12-mile commute that goes entirely through bike trails. That’s a pretty long commute on a regular bike, generally taking her about an hour. On an electric bike, she’s been able to do this same commute in about 40 minutes while expending minimal energy. And she’s having a lot more fun getting to work.
Cutting down 24 miles per day of car commuting does lead to some real savings. I generally assume that operating a car costs about 50 cents per mile, so replacing that 24-mile round trip commute with 24 miles of e-biking should save us $12 per day of travel costs. Even if she only bikes to work 3 days a week for 28 weeks (April through October), that’s $1,008 she saves in a year. Her bike cost $1,500, which means it pays for itself in a year or two depending on how often she uses it instead of a car.
Meanwhile, maintenance costs on the e-bike should be much less compared to the cost of maintaining a car. I’ve learned from my own experience charging electric scooters that charging up a battery costs 5 cents or less. Regular tune-ups and maintenance don’t cost that much either. The battery will need to be replaced every couple of years, but even that cost isn’t that much when broken up over time (a new battery costs $550, but the RadPower website estimates that a battery should last 2.5 to 5 years depending on use).
And finally, while most people don’t think it, you do get health benefits from an e-bike, both physical and mental. This directly translates into monetary benefits for you that should dramatically outweigh the negative health impacts of driving in a car. Car commuting is isolating and stressful. E-biking is the opposite of that.
I Think The Future Is In Electric Micromobility
The interesting thing about electric micromobility options is that the initial costs are not very high, especially when you compare it to how much even your cheapest car costs.
An electric bike can cost from $1,500 to $3,000 – not cheap, but certainly much cheaper than any decent car would cost. You can find electric scooters for $500 or so that’ll easily get you to and from work on a daily basis. A friend of mine bought a Glion Electric Scooter that can get him 15 miles on a single charge – more than enough distance to get him to work or a store. Electric skateboards cost in the $1,000 range, which again, isn’t that much if you can replace your car commute with it.
These vehicles are starting to look more and more normal too. When I would scoot around last year, I’d often get looks because no one had ever seen an electric scooter before. But today, most people don’t even glance twice at me. It’s just become very normalized to fly around a city on some form of electric micromobility.
There’s always going to be a reason for cars, mainly to travel long distances, move kids, and/or haul big items. But most of the time, it seems like people aren’t using their cars for that reason. Instead, they’re going to work, or going to a restaurant, or meeting up with people somewhere and they don’t want to get tired or sweat at all.
With electric micromobility, you can get from place to place cheaply and efficiently without using any of your own energy. That seems like a gamechanger to me.
More Recommended Ebike/Scooters
Check out these other ebikes/scooters I've had the chance to do a review for:
- GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
- Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($10) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
- Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- Upgrade ($100) – Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Importantly, this bonus says that it’s now scheduled to end on October 31, 2022. As long as you get your account opened before October 31st, you should be eligible. Here’s a post I wrote with more details: Upgrade $100 Referral Bonus – Step By Step Directions.
- SoFi Money ($350) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $300 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Fifth Third Bank ($250) – This offer is limited to customers in the following states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, West Virginia, and South Carolina. If you don’t live in one of those states, you won’t be able to open an account online but you can still open an account in-branch if you happen to be visiting a city that has a branch. This is a fairly easy bank bonus to earn, especially since there are plenty of data points showing what will trigger the direct deposit requirement. In addition, you can open the Fifth Third Momentum Checking bank account, which comes with no monthly fees or minimum balance requirements. Read my guide on this bonus here.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- OnJuno ($100) – OnJuno is a fintech/neobank that is currently offering a $100 referral bonus if you open an account using a referral link and complete a direct deposit of $250 or more. The account has no fees or minimum balance requirements. Even better, the bonus posts immediately after you meet the requirements. If you can meet the direct deposit requirements, OnJuno is an easy bank bonus that’s worth snagging. Check out my OnJuno referral bonus guide here.
- Varo ($50) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $50 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
- Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Spiral ($50) – Spiral is a fintech bank that's currently offering new customers a $50 signup bonus after opening a free checking account with them. The Spiral referral bonus is especially good because it's a free checking account and doesn't require a direct deposit to earn the bonus. Here is my step-by-step guide on how to earn your Spiral Bank bonus.
- One Finance ($50) – One Finance is a fintech bank that’s currently offering a $50 signup bonus if you open an account using a One Finance referral link and have a direct deposit of $250 or more. This is a completely free bank account with no minimum balance requirement, so if you can meet the requirements, it’s worth doing. Check out my One Finance referral bonus guide here.
- Albert ($150) – If you can manage to do a real direct deposit, Albert is an easy account you can use to earn a referral bonus. Here’s a review about Albert I wrote. And here’s a step-by-step guide on how to earn your Albert referral bonus.
- Netspend ($20 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $20 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $20 to start! Make sure to check out my in-depth guide on how to set up these accounts.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
- Upgrade Bank. Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Note that it’s now scheduled to end on October 31, 2022.
- Novo Bank. Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. It’s the business checking account I currently use for this blog.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account.
- Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
Good post!
I’ve used electric bicycles for my commutes. It’s really bossy and cheap way to move around. Only con is if it’s a rainy day 🙂
– Financial Nordic
I am obsessed with these e-vehicles now! I want to get an electric scooter also, but not sure if I really should since I’m riding those Lime scooters around for free all the time anyway.
My wife and I love our Rad Minis here in SF
Awesome! My wife has had a blast with her Rad City. She’s turned a 12-mile commute into a 30 to 35-minute bike ride now since she increased the speed on it so it maxes out at 25mph. I’m saving up for the Rad Wagon for next summer.
Most of the US has horrible weather for at least half of the year, and I don’t see many people from the suburbs commuting this way regardless of the weather.
I wish more cities had dedicated bike paths into downtown from the suburbs instead of only inside downtown or very close to it.
Depends on the city. Here in the Twin Cities, we have a lot of dedicated, separate paths that lead into downtown from the suburbs. Cedar Trail goes from west suburbs directly into downtown Minneapolis. Gateway trail leads into downtown St. Paul.
I disagree with most of the US having horrible weather for at least 6 months of the year. Here in Minnesota, which is like the epitome of “bad weather”, the average high temperature is still in the 40s all the way into November. 40s for commuting is not hard to do. It’s bikeable for most everyone from March to November. Really, the only two bad months are January and February. Last year, we didn’t even get our first real snowfall until mid-January.
I’d argue that in most of the US, it’s bikeable for at least 9 months of the year.
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