Cost of Car Ownership on the Rise; Time to Give Transit a Try?

Due to rising gas prices, significant maintenance, finance, and insurance costs, and higher purchase prices due to a variety of supply chain issues, the annual cost of car ownership continues to climb.  According to AAA, the annual cost of new-car ownership rose 13% from last year to more than $12,000.  Personal vehicles now account for 16% of median household income, one of the largest household expenses along with food, childcare, and housing.  With the cost of food and other goods continuing to increase and interest rates climbing, consumers are looking for ways to save.

APTA’s latest “Transit Savings Report” shows how commuters utilizing public transit continue to see savings as compared to car ownership.  While transit fares have remained relatively steady over the last several years, the costs associated with car ownership have continued to climb.  Check out APTA’s latest policy brief here.

Commuters can explore the cost savings associated with public transit by visiting APTA’s fuel savings calculate here.  Not sure how to ride? Missourians can contact the MPTA or their local transit provider for additional information.