Chicago commuters who switch from driving to riding public transportation can save, on average, $958 dollars per month, and $11,494 annually. These savings are based on the cost of buying a monthly transit pass and factoring in local gas prices for Nov. 18 and the local monthly unreserved parking rate.
I gave up my car just over two years and have never regretted the decision. I rent an I-Go about once a month to run errands, and am fortunate to have a great little grocery store just a block from my home.
Chicago ranks sixth in cost savings among the top 20 cities with the highest transit ridership, according to the American Public Transportation Association (APTA) November Transit Savings Report.
Here are details on the methodology to calculate savings:
APTA calculates the average cost of taking public transit by determining the average monthly transit pass of local public transit agencies across the country. This information is based on the annual APTA fare collection survey and is weighted based on ridership (unlinked passenger trips). The assumption is that a person making a switch to public transportation would likely purchase an unlimited pass on the local transit agency, typically available on a monthly basis.
APTA then compares the average monthly transit fare to the average cost of driving. The cost of driving is calculated using the 2011 AAA average cost of driving formula. AAA cost of driving formula is based on variable costs and fixed costs. The variable costs include the cost of gas, maintenance and tires. The fixed costs include insurance, license registration, depreciation and finance charges. The comparison also uses the average mileage of a mid-size auto at 23.4 miles per gallon and the price for self-serve regular unleaded gasoline as recorded by AAA on November 18, 2011 at $3.38 per gallon. The analysis also assumes that a person will drive an average of 15,000 miles per year. The savings assume a person in two-person household lives with one less car.
In determining the cost of parking, APTA uses the data from the 2011 Colliers International Parking Rate Study for monthly unreserved parking rates for the United States.