Public transport saves Americans over $13,000 annually, says new APTA report

Posted: 2 October 2023 | | No comments yet

Amidst soaring costs and gasoline prices, the latest report from APTA reveals that choosing public transportation over driving can put more than $13,000 back in Americans’ pockets.

Public transport saves Americans over $13,000 annually, says new APTA report

The latest Transit Savings report released by the American Public Transportation Association (APTA) has revealed that individuals who opt for public transportation over driving can save more than $13,000 annually, equivalent to $1,100 per month. This significant financial advantage comes as a result of rising car costs and gasoline prices across the nation.

While monthly public transit fares have remained stable since 2020, the costs associated with new and used cars have experienced a notable surge since the pandemic. This increase is further exacerbated by rising financing costs due to interest rate hikes. Simultaneously, gasoline prices have skyrocketed due to supply constraints and heightened demand.

APTA, in collaboration with public transportation agencies nationwide, is actively encouraging individuals to embrace public transit as a cost-effective and eco-friendly alternative. By forgoing one car in favour of public transportation, individuals can reduce their carbon dioxide emissions by as much as 30%.

APTA President and CEO, Paul P. Skoutelas, said: “As the rising cost-of-living continues to impact U.S. households, public transportation offers an economical and climate-friendly alternative to reduce daily expenses. By choosing to ride public transit, individuals can significantly cut down on their monthly transportation expenses. Whether it’s commuting to work, running errands, or keeping appointments, public transit is a practical and budget-friendly choice.”

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The report reveals that since 2019, the average transaction price for purchasing a new car has surged by over $11,000, marking an increase of more than 30%. For used cars, the average price has escalated by over $8,000, representing a staggering 40% increase.

Gasoline prices have also seen a substantial impact, with prices surging by 25% in 2023, reaching $4.00 per gallon as of 18 September 2023.

These savings calculations are grounded in a comprehensive analysis that compares the costs associated with commuting via public transportation to the expenses linked to vehicle ownership, operation and parking costs. Key factors considered include national and state average gasoline prices per gallon as reported by AAA. Public transportation emerges as a practical solution that not only saves money but also contributes to reducing carbon emissions and conserving energy resources.