Rising gas prices causes people to try many alternative forms of transportation. One that has been getting a lot of coverage in the news is the Segway scooter. Getting about 25 miles to a charge means they are a viable alternative in some circumstances. Having ridden one myself, I can also vouch for the “cool factor” (if only in a nerdy sense of the word) as well. Before you go out and buy one though, consider a much more affordable option that has many of the same benefits: a bike.

People who do the cost analysis of a Segway usually just think about the savings in gas. For example, paying $75 a week for gas ($325 / month) means that you’d recover the Segway’s $5000 asking price (or more depending on model, taxes, shipping, etc) after owning it for about 16 months. Other costs associated with the Segway include the electricity to charge it and any accessories such as helmets etc that will also be necessary. The value of your time may make the Segway an expensive way to travel as well. One last thing to consider is what you’ll do on rainy days where you can’t take your Segway to work. If you plan to keep your car (in most cases Segways can’t be full time replacements for cars) then other expenses like insurance and car payments can’t be counted in the Segway’s savings potential. Lastly, if the $5K you pay for the Segway could have instead been applied to your outstanding car loan (or credit card debt etc), the savings in interest could also help defray the cost of gas. If you buy a Segway on credit, you’ll have to reduce the potential saving by all of the interest you’ll be paying.

photo credit: mrkathika

Saving money on gas is a great idea. Spending some upfront money to save on gas can be a smart move. But just as breaking a lease or selling at a low price on a gas guzzler may cost you a lot more than you can hope to save in gas on a more fuel efficient car, a Segway’s cost may make it a poor choice for this purpose. As I said above, many of the positive attributes of a Segway can be accomplished on a bicycle, which you could probably buy used for about $50. Even new bikes start at less than $100, which you can make up for much more quickly than the cost of a Seway, have significantly lower operating costs, allow faster travel, and even help you to get some exercise.