Individuals who ride public transportation instead of driving can save, on average, $828 this month, and $9,934 annually, according to the American Public Transportation Association’s (APTA) October Transit Savings Report.
The savings are based on the cost of commuting by public transportation compared to the cost of owning and driving a vehicle, which includes the Oct. 24, 2012 average national gas price ($3.63 per gallon- reported by AAA) and the national unreserved monthly parking rate.
APTA notes a simple way to avoid the rising parking rates is to swap your daily car trip for travel on your local bus or train.
The national average for a monthly unreserved parking space in a downtown business district is $166.26, according to the 2012 Colliers International Parking Rate Study. Over the course of a year, parking costs for a vehicle can amount to an average of $1,995. The cost of the daily downtown daily parking rates increased in 2012 by an average of 1.6% or an extra $132 per year compared to the rates in 2011.
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.