Increases in auto and fuel costs mean that people can save more than before by using public transportation instead of driving. Prices for new and used cars have increased significantly since the pandemic. Financing costs have increased dramatically due to interest rate hikes. In 2023, gasoline prices have increased 25 percent because of constricted supplies and added demand.
- Riders can save more than $13,000 per year by using public transit instead of driving, according to the latest information on public transit fares, auto costs, and gasoline prices.
- Significantly increased costs to purchase and finance cars make transit an even more effective way to save.
- Since 2019, the average cost of purchasing new cars has increased 30 percent. The cost of purchasing used cars has increased even more—40 percent. Supply chain issues and inflation continue to impact car prices. Recent strikes at three U.S. auto manufacturers could exacerbate these cost increases.
- In 2023, gasoline prices have increased 25 percent because of restricted oil supply, China’s economic reopening, and the war in Ukraine.
- At the same time, monthly public transportation fare prices have not increased since 2020.