You can save $8,670 by riding trains and buses — if you give up your car altogether.
That’s the word from the American Public Transportation Association with its Transit Savings Report.
They reach the conclusion based on the average national gas price and the average cost for monthly parking against the purchase of a monthly train or bus pass.
New York figures as the second biggest city for savings; they amount to $1,045 a month, or $12,541, according to the report. Only Boston is (slightly) higher.
Here’s the body of the group’s press release:
Public Transit Saves an Individual Over $8,600 Annually – As Cost of Car Ownership Increases
WASHINGTON, DC – Riding public transportation and living with one less car in a household can save an individual $8,670 a year based on the April 8, 2009 national average gas price and the unreserved monthly parking rate.
Gas prices are up 10 cents this month, compared to last month. However, new 2009 AAA data reports that due to the increase of car ownership costs the amount an individual can save by taking public transportation has increased more than an additional $100 each year.
The Transit Savings Report, released monthly by the American Public Transportation Association (APTA) examines how much individuals can save annually by taking public transportation rather than driving. In these uncertain economic times, taking public transportation is one way to immediately start saving money.
APTA’s Transit Savings Report calculates this month’s savings for public transit users at $723. This is based on the cost of parking and the April 8 gas price of $2.047 as reported by AAA.
Regarding parking costs, the national average for the monthly unreserved parking rate in a city’s downtown business district is $143, according to the 2008 Colliers International Parking Rate Study. Over the course of a year, parking costs alone can amount to an average of $1,720.