Imagine all of the things you could buy, the bills you could pay and the vacations you could take with an extra $10,000 in your pocket every year. According to a report from the American Public Transportation Association, that’s how much you could save if you ditched your car and turned to public transit instead. The average savings clocked in at an impressive $848 a month – that’s $10,181 a year – but in some cities that number climbed even higher. New York, the city with the most savings, averaged a whopping $15,041 every year.
The report looked at the costs of owning a car – including new tires, oil changes and other maintenance, gas, parking, licensing, depreciation and financing to determine just how much you could save. That number was then subtracted from the cost of a monthly public transportation pass. The study examined 20 cities in the US including Las Vegas, Baltimore, Los Angeles, Honolulu and New York. Of those cities, only two got below $800 in savings a month: Las Vegas and Dallas.
The report assumed that the average car gets 23.1 mpg, drives 15,000 miles and pays $3.65 a gallon for gas, so the numbers could vary, particularly if you have an expensive car or live in an area with higher gas prices. If you want to figure out your own particular savings, you can use the calculator from Public Transportation and watch your cash flow grow. Add to that the amount of emissions that you could eliminate every year, and ditching the car looks even better.