The annual savings is $9,634 for a person who switches their daily commute by car to taking public transportation, according to the American Public Transportation Association's (APTA) August Transit Savings Report. Individuals who ride public transportation instead of driving can save, on average, more than $803 per month.

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 August 16 average national gas price of $2.13 per gallon and the national unreserved monthly parking rate numbers.

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 live with one less 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.