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The real cost of commuting to work: how you can save money by using public transportation
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Have you ever thought about taking the bus to work? Or perhaps, carpooling with others? For some, the need to use their vehicle during the day, or for others who work hours where service is not available, it is not possible. But for many workers who commute to and from work in prime public transportation hot spots, the savings could add up.
In fact, individuals who ride public transportation can save on average $9,190 annually based on the November 9, 2009 national average gas price and the national unreserved monthly parking rate. Over the last year, an individual riding public transportation would have saved an additional $255 due to the 41 cent increase of gasoline per gallon since November 2008.
That information and data is according to The Transit Savings Report released monthly by the American Public Transportation Association (APTA). This report calculates the average annual and monthly savings for public transit users. The report also examines how an individual in a two-person household can save money by taking public transportation and living with one less car.
According to the report, transit riders can save on average $766 per month. The savings amount is based on the cost of the national averages for parking and driving, as well as the November 9 national average gas price of $2.664 per gallon for self-serve regular gasoline as reported by AAA. Since last month the cost of a gallon of gasoline has increased 19 cents. This is an increase in savings that equates to an additional $21 per month.
Taking public transportation provides a safe and affordable way for individuals and families to cut costs, according to APTA. In addition, local public transit offers a travel option that has an immediate positive impact in reducing an individual’s overall carbon footprint while helping reduce America’s dependence on foreign oil. The national average for a monthly unreserved parking space in a downtown business district is $154.23, according to the 2009 Colliers International Parking Rate Study. Over the course of a year, parking costs for a vehicle can amount to an average of $1,850.
To calculate your individual savings with or without car ownership, go to www.publictransportation.org.
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