The President’s Day weekend brings promises of big savings on major items such as cars, appliances and furniture. However, if your goal is to save large amounts of money without committing to a big purchase, taking public transportation is one of the best ways to rack up presidential size savings. Consider the facts from the American Public Transportation Association’s (APTA) February Transit Savings Report, individuals who ride public transportation instead of driving can save, on average, more than $830 this month, and $9,960 annually. That’s not just in the winter, the savings extend all year round.
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 February 11, 2014 average national gas price ($3.31 per gallon- reported by AAA), and the national unreserved monthly parking rate.
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. Over the course of a year, parking costs for a vehicle can amount to an average of $1,995.