If you live in the city, then chances are that you live the BMW lifestyle… that’s Bus, Metro and Walk. Did you think we were talking about a luxury automobile? Car costs serious dough, especially in a city. There’s gas to pay for and overpriced parking spots to fight for.

Yes, car ownership is expensive, but with Metromile it doesn’t have to be.

Metromile is a free iPhone app designed to help you enjoy the benefits of having a car, without the drama that can come with it. Metromile can track your driving stats and monitor the health of your engine — kind of like an activity tracker for your Ford.

The system aims to help you make smarter decisions when driving by providing you with the dirty deets you need to know about your car and daily driving habits. The connected app provides remote diagnoses of your car’s mechanical problems as well as automated street sweeping alerts currently in Chicago and San Francisco with plans to expand to other cities.

Metromile’s services include the free iPhone app and the Metronome device, which is like a FitBit for your car. The device fits in the diagnostic port just below the dash on all cars built after 1996. It wirelessly sends info about your car to the iPhone app without draining your phone’s data plan or battery. Oo, and anyone who’s ever had trouble remembering where they parked at the mall or at IKEA will love this: Metromile can even find your car if it’s missing. How great is that?

Car insurance is a major expense that comes with owning a car, but if you live in California, Metromile offers an entirely new model of pay-per-mile car insurance estimated to save city slickers hundreds of dollars a year. Now that’s what we call ballin’ on a budget.

Do you live the BMW lifestyle, bike or drive? Share your favorite mode of transportation with us in the comments section.