Americans could keep an extra $13,000 in their pockets each year by swapping car keys for bus passes, according to the American Public Transportation Association (APTA). This hefty saving, amounting to around $1,100 monthly, emerges from APTA’s Transit Savings index, which highlights the steady fares of public transport contrasting sharply with the escalating costs of owning cars.
Rising Expenses in the Auto Market
Since 2020, the landscape of transportation expenses has seen a shift. Key findings include:
- Stability in public transport fares, offering a consistent and budget-friendly option for commuters.
- A significant rise in the costs of new and used cars post-pandemic, with new cars costing over $11,000 more—a 30% jump.
- Used vehicles seeing a 40% price increase, going up by more than $8,000.
- An alarming 25% hike in petrol prices in 2023 alone, fueled by supply dilemmas and surging demand.
The Economic and Eco-Friendly Choice
APTA’s president, Paul P. Skoutelas, emphasizes the twin benefits of public transportation: economic relief for households and a step towards environmental conservation. Public transit not only slashes monthly transport expenditures but also plays a pivotal role in cutting individual carbon dioxide emissions by up to 30%.
Potential Savings City-Wide
The APTA report sheds light on the dramatic savings commuters can enjoy in various cities:
- In San Francisco, switching to public transit can save commuters up to $16,837 a year.
- Atlanta residents could see an annual saving of $12,306.
- Across 20 surveyed cities, the yearly savings range from $12,000 to nearly $17,000.
In urging the switch to public transit, APTA positions it as a wise financial and sustainable lifestyle change that Americans can adopt to mitigate the rising cost of living and contribute to a greener future.
