With Transit Costs Rising, Are You Still Saving Money By Taking The Bus? | Refresh Financial
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With Transit Costs Rising, Are You Still Saving Money By Taking The Bus?

Are You Still Saving Money By Taking The Bus?                                         It’s long been accepted that next walking or biking, taking the bus is an economical way to get around. Forget the purchase price of a car, insurance, maintenance and the cost of filling it up with gas. But is that beginning to change? With transit costs rising, are you still saving money by taking the bus?

Save Money by Driving?

In most cities in Canada, a monthly bus pass will cost you at least a few hundred dollars. In Toronto for example, transit fares are the fifth highest in the world. Monthly passes can cost upwards of $500 a month. That must be more costly than owning your own car, right?

Compare and Contrast

For this scenario, let’s say you spend $50 every week for gas and $125 a month on insurance. Combined, your costs are sitting around $325 a month. Factoring in the costs of keeping your vehicle functional and roadworthy, the operating costs for your car continues to creep upward.

Along with the cost of regular oil changes, your car will also undergo the normal wear and tear as you continue to use it. Tires aren’t cheap either, especially when you need to change them in accordance with the seasons.

The Verdict

In other parts of Canada, transit fees are much cheaper. In Vancouver, it’ll just run you a couple hundred bucks per month and Montreal is less than a hundred.
Despite the rising costs of fares, in nearly every way, and in every city across Canada, public transit is still the cheapest way to commute (outside of walking or biking). It even gives you the opportunity to reduce your carbon footprint as you catch up on your favorite podcasts.

What do you think? Will there ever be a time when public transit will be more costly than operating your own vehicle? Let us know in the comments!

 

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