When younger, I had a car but, in early 2002, decided I was done with motorized transport. Sold my car, bought a bicycle, and haven't looked back. In both of the major metro areas that I have lived in since, I have been able to arrange my life so that most of the places I need to be are within a radius of a few miles. That way, I can get there by bike. If it's a bit further, I take public transport. It has worked out very well and saved me a bunch of money. I'm 59, and should have many bicycling years ahead of me still.
I'm not very keen on motorized transport, especially the 4-wheeled kind. I feel closed off and disconnected from the environment I am moving through. It's actually a bit boring and, unlike when riding my bicycle, I am not getting any exercise. It doesn't make much sense to me, to pay all that money in order to feel little connection to the world around me and get no exercise in the process. Motorcycles were fun, but at this point in my life, I want to live for as long as possible.
If I lived in a rural or semi-rural area, I doubt I'd be able to get by with just a bike and public transport.