You know, cycling saves me money, but in a different way. Before DH and I started cycling as our main recreational activity, we mostly "went shopping" for fun. Sure, we went out to dinner and to cultural things, but now going to a mall seems as foreign to me as just about anything. This is what our friends do, when we are out riding all weekend.
At one time we envisioned moving into the city or a near in suburb that is more city like. We chose not to because where we live is ideal for riding... recreational or fitness riding. I would not find it fun to ride, even in the suburb I grew up in, which is about 6 miles from Boston. DH commutes a couple of days a week for 8 months out of the year, 34 miles round trip. While my life style is not extremely car centric compared to everyone else I know, I can't see myself riding to get groceries in the snow and ice. I would walk and do it, though, and in a few years, we plan to move to the center of town, where this will be possible.
I don't think we should judge too much on this issue. I have an 8 year old BMW that gets average gas mileage. I only have 68K miles on my car because I did commute for a few years and I plan my errands so I am not driving around all of the time. I love my car, I maintain it, and it has that nice all wheel drive that gets me up the 15% grade driveway when it is all ice. Some of the "down" side things to not owning a car, as Susan mentioned would be extremely negative to me and stressful. I try to be responsible, and I don't doubt being car free saves money. But, it's a huge commitment that I am not willing to make.
2015 Trek Silque SSL
Specialized Oura
2011 Guru Praemio
Specialized Oura
2017 Specialized Ariel Sport