New APTA Study Shows $9700 a Year in Savings for Transit Riders
July 27, 2012
July Transit Savings Report
As gas prices creep higher, switching from driving to riding public transportation can save individuals on average more than $9,700 a year
Washington, D.C. – End expensive trips to the pump, and add to your savings by switching to public transit as gas prices have inched up consistently over the last two weeks. According to the American Public Transportation Association’s (APTA) July Transit Savings Report, individuals who ride public transportation instead of driving can save, on average, $809 this month, and $9,702 annually. These savings are based on the cost of commuting by public transportation compared to the cost of owning and driving a vehicle which includes the July 24, 2012 average national gas price ($3.48 per gallon- reported by AAA) and the national unreserved monthly parking rate.
APTA releases this monthly Transit Savings Report to examine how an individual in a two-person household can save money by taking public transportation and living with one less car.
The national average for a monthly unreserved parking space in a downtown business district is $155.22, according to the 2011 Colliers International Parking Rate Study. Over the course of a year, parking costs for a vehicle can amount to an average of $1,863.
The top 20 cities with the highest transit ridership are ranked in order of their transit savings based on the purchase of a monthly public transit pass and factoring in local gas prices for July 24, 2012 and the local monthly unreserved parking rate.*