With gas prices in the US once again on the rise, the potential savings that can be seen by switching from driving to public transportation are also once again on the rise — based on the American Public Transportation Association’s (APTA) most recent Transit Savings Report.
The April report — which analyzed the changes in potential savings resulting from recent large surges in gas prices (now 33ish cents higher than in February) — found that individuals who utilize public transportation rather than driving can save, on average, over $10,000 a year.
Image Credit: Volvo/ElectriCity
The exact figures offered by the report are $848 this month and $10,174 annually. Significant savings for sure, especially for those that are cash-strapped. Not surprising then that public transportation utilization rates in the US are steadily climbing.
APTA explains the methodology behind the numbers:
These savings are based on the cost of commuting by public transportation compared to the cost of owning and driving a vehicle which includes the April 15, 2014 average national gas price ($3.64 per gallon- reported by AAA), and the national unreserved monthly parking rate.
The national average for a monthly unreserved parking space in a downtown business district is $166.26, according to the 2012 Colliers International Parking Rate Study. Over the course of a year, parking costs for a vehicle can amount to an average of $1,995.
There are notable differences in the potential savings to be had by switching to public transportation, based on where exactly you are located, of course. The list below of the 20 cities with the highest public transit ridership numbers should give you a better idea.
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