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Public transport could save Americans $13,000 per year
04 October 2023
by Christopher Carey
Opting for public transport over driving could save people in US cities an average of US$13,000 annually – the equivalent of US$1,100 per month – according to a new report from the American Public Transportation Association (APTA).
In its latest Transit Savings index, the association found that 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 costs due to interest rate hikes and petrol prices that have skyrocketed due to supply constraints and heightened demand.
“As the rising cost of living continues to impact US households, public transportation offers an economical and climate-friendly alternative to reduce daily expenses,” said Paul P. Skoutelas, APTA President and CEO.
“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.”
Findings
The report revealed that since 2019, the average transaction price for purchasing a new car has surged by over US$11,000, marking an increase of more than 30 percent.
For used cars, the average price has risen by over US$8,000, representing a 40 percent increase.
Petrol prices have also been substantially impacted, rising by 25 percent in 2023.
When comparing public transit fares in 20 cities to the costs of owning and operating a car, the report found that people can save between US$12,000 and almost US$17,000 per year by using public transit.
In San Francisco, drivers could save US$16,837 annually, while in Atlanta the potential savings are US$12,306.
APTA says it is “actively encouraging” individuals to embrace public transit as a cost-effective and eco-friendly alternative, adding that when making the switch, individuals can reduce their carbon dioxide emissions by as much as 30 percent.
