I felt enormously liberated after giving up my car.
Two caveats: I live in a city with fantastic public transport. I would not be any faster at work by car, probably slower on most days.
I'm a member of a car sharing cooperative (something like ZipCar, but on a non-profit basis). If I do need a car I have a dozen (literally) at my disposal within 5 minute walking distance.
The range is from a Smart to a Mercedes transporter. And I use this option about 3-4 times a year.
Not owning a car saves me 5-6k (USD) a year. And this includes my yearly public transport pass, car hires and even longer term rental and leaves a few hundred $ for cab rides.
If you can do it it's extremely liberating and leaves a lot of cash on the table for more useful things. Like nice vacations.