Individuals who ride public transportation can save on average $9,453 annually based on the May 3, 2010, national average gas price and the national unreserved monthly parking rate. On a per month basis, transit riders can save on average $788 per month.
According to the 2010 edition of the AAA annual report “Your Driving Costs,” the cost of owning and operating a vehicle has increased 4.8% since last year. The leading factor was the rise in higher fuel prices. The 4.8% increase, along with higher gas prices compared with this time last year, means that transit riders can now save approximately $762 more in commuting costs annually.
“The Transit Savings Report” released monthly by the American Public Transportation Association (APTA) calculates the average annual and monthly savings for public-transit users. The report examines how an individual in a two-person household can save money by taking public transportation and living with one less car.
The savings amount is based on the cost of the national averages for parking and driving, as well as the May 3 national average gas price of $2.895 per gallon for self-serve regular gasoline as reported by AAA.
Taking public transportation provides a safe and affordable way for individuals and families to cut costs, according to APTA. In addition, local public transit offers a travel option that has an immediate positive impact in reducing an individual’s overall carbon footprint while helping reduce America’s dependence on foreign oil.
The national average for a monthly unreserved parking space in a downtown business district is $154.23, according to the 2009 Colliers International Parking Rate Study. Over the course of a year, parking costs for a vehicle can amount to an average of $1,850.
