Riding public transportation saves individuals, on average, $10,116 annually and $843 per month according to the American Public Transportation Association’s (APTA) Transit Savings Report which bases these savings on the April 13, 2011 average national gas price ($3.81 per gallon-reported by AAA) and the national unreserved monthly parking rate. This is the largest savings in nearly three years.
“As more and more Americans look for ways to save money at the gas pump, the choice to switch to public transportation is a smart decision," said APTA president William Millar. “Switching from driving to riding public transportation is a proven way for individuals to cut monthly and yearly transportation costs.”
Gas prices have risen more than 30 cents a gallon in each of the last two months and nearly 80 cents since the beginning of the year. APTA says as rising gas prices are straining Americans, riding public transportation is the quickest way to alleviate the financial burden of transportation costs on household budgets.
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 $161.56, according to the 2010 Colliers International Parking Rate Study. Over the course of a year, parking costs for a vehicle can amount to an average of $1,939.