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I think there's a lot more wear on everythign when you're doing this, especially in an auto which his was. Always manual shifting, constantly turning on and off the car, etc. At the end of the day though, he likely save thousands a year on fuel and if you buy a quality car to begin with, the risks are probably lower.
I try to 'hypermile' a bit as well. Not nearly as hardcore as that guy, but planning a few lights ahead, not on the gas when you don't need to be, reducing using the brakes, etc.
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