Riding public transportation and living with one less car in a household can save an individual $8,670 a year, based on the April 8 national average gas price and the unreserved monthly parking rate, according to the American Public Transportation Association (APTA).
Gas prices are up 10 cents this month, compared to last month. However, new 2009 AAA data reports that due to the increase of car ownership costs, the amount an individual can save by taking public transportation has increased more than an additional $100 each year.
APTA’s Transit Savings Report calculates this month’s savings for public transit users at $723. This is based on the cost of parking and the April 8 gas price of $2.047 as reported by AAA.
Regarding parking costs, the national average for the monthly unreserved parking rate in a city’s downtown business district is $143, according to the 2008 Colliers International Parking Rate Study. Over the course of a year, parking costs alone can amount to an average of $1,720.
To calculate your individual savings with or without car ownership, go to www.publictransportation.org.