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Study suggests you could save more than $10,000 per year by not driving

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Cheryl Santa Maria
Digital Reporter

Tuesday, June 3, 2014, 7:05 PM - Between insurance, repairs and general upkeep, it's no secret that cars are a money drain.

Gas prices are another issue altogether.

In April a massive, country-wide gas hike made headlines in Canada -- largely because there was no reason to justify it.

Now that warmer weather is here, more and more people are riding their bikes to work.

It's a practice that isn't just good for the environment: Studies show that riding your bicycle might actually make you happier, in addition to keeping your savings account healthy.

But just how much money can you save by abandoning your car?


RELATED: Air conditioner or windows down: What's more fuel efficient?


A new report by the American Public Transportation Association (APTA) sheds some light on the issue. 

The report suggests that public transit riders in 16 of the top 20 cities in the U.S. save more than $10,000 a year -- or about $833 a month -- when compared to motorists contending with the recent gas price hike.

"Four straight months of gas prices increasing has pushed the average annual savings for public transit riders to $10,181 a year," reads a statement of the APTA website.

"These savings are based on the cost of commuting by public transportation compared to the cost of owning and driving a vehicle which includes the May 28, 2014 average national gas price ($3.65 per gallon- reported by AAA), and the national unreserved monthly parking rate."

Cyclists stand to save even more.

Here's a breakdown of savings per city, according to APTA:


 

City

 Monthly

 Annual

1

New York

 $1,253

$15,041

2

San Francisco

 $1,113

$13,350

3

Boston

 $1,095

$13,136

4

Philadephia

 $1,012

$12,140

5

Chicago

 $1,008

$12,092

6

Seattle

 $998

$11,974

7

Honolulu

 $984

$11,813

8

Los Angeles

 $953

$11,440

9

San Diego

 $905

$10,859

10

Portland

 $897

$10,763

11

Minneapolis

 $884

$10,613

12

Baltimore  

 $872

$10,464

13

Denver

 $866

$10,387

14

Washington, DC

 $855

$10,257

15

Cleveland

 $841

 $10,089

16

Pittsburgh

 $837

 $10,042

17

Atlanta

 $804

 $9,649

18

Miami

 $803

 $9,638

19

Dallas

 $790

 $9,478

20

Las Vegas

 $780

 $9,364


The savings are based on a person driving an average of 24,000 kilometres per year.

Climate and access to public transportation make it difficult for some people to abandon their cars completely -- but in the wake of ever-rising gas prices the findings are, at the very least, something to consider.

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