Public Transit Users Save Thousands of Dollars Every Year
Tuesday, November 18, 2008 12:46 PM
If you ride the bus or train to work every day, you can save an average of $8,754, every year, based on today's gas prices.
Despite the drop in gas prices - which is 70 cents lower per gallon than last year - public transit users still obtain a dramatic savings over those who drive their automobiles to work.
That's according to research by the American Public Transportation Association (APTA). Its monthly "Transit Savings Report," analyzes transit costs versus current gas prices and unreserved parking rates.
On average, the national monthly, unreserved parking rate in a city's downtown business district is $143. Parking can soar to an average of $1,720 over the course of a year, according to the 2008 International Parking Rate Study.
"Even as the price of gas goes up and down, the one constant is that riding public transportation is the most economical and efficient way for Americans to save money, reduce their consumption of oil, and lessen their impact on the environment," said William W. Millar, president of APTA, in a statement.
The report also calculates the monthly savings for public transportation commuters at $729 a month, based on the Nov. 6 gas price of $2.35, as reported by AAA.
Here are some examples of how much you'd save annually if you lived in these cities - all among the top 20 cities with the highest ridership nationwide. Calculations were based on the cost of a monthly public transit pass, factoring in Nov. 6 gas prices and the local, monthly, unreserved parking rate.
New York - $12,756
Boston - $12,728
San Francisco - $11,900
Chicago - $10,887
Philadelphia - $10,650
Honolulu - $10,538
Seattle - $10,482
Las Vegas - $8,320
Dallas - $8,233