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August Transit Savings Report Shows
Individuals Save $10,064 a year
As students begin to head back to school and the rest of us head back to work after the summer vacation season, it is time to get back to work on saving money for next year’s big summer trip. This month shows that living with one less car and taking public transportation can help you save a little faster. The average annual savings for public transit riders was $10,064, according to the American Public Transportation Association’s (APTA) August Transit Savings Report. Individuals who ride public transportation instead of driving can also save, on average, more than $839 this month.
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 August 14, 2014 average national gas price ($3.47 per gallon- reported by AAA), 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 living with one less car.
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, which is the most recent report available. Over the course of a year, parking costs for a vehicle can amount to an average of $1,995.