The average annual savings is $10,160 for a person who switches his or her daily commute from driving to taking public transportation, according to the American Public Transportation Association's (APTA) June Transit Savings Report. This is the highest transit savings recorded this year. Individuals who ride public transportation instead of driving can save, on average, more than $847 per month.
The savings are based on the cost of commuting by public transportation compared to the cost of owning and driving a vehicle. Driving costs include the June 6 national average gas price ($2.94 per gallon, as reported by AAA) and the national unreserved monthly parking rate.
APTA releases the 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 fewer car.
The national average for a monthly unreserved parking space in a downtown business district is $166.26, according to the latest report of the Colliers International Parking Rate Study. Over the course of a year, parking costs for a vehicle can amount to an average of $1,995.
With gasoline prices on the rise, APTA and public transportation agencies nationwide are encouraging commuters to try public transit to avoid high gas prices.