Travelers consider a tradeoff between the components of transit time when choosing between driving and taking the bus. These components are In-Vehicle Transit Time for driving, and Out-of-Vehicle Walk Time, Out-of-Vehicle Wait Time, and In-Vehicle Transit Time for taking the bus. Transit data often uses revealed preferences surveys, therefore the components of the nonselected alternative must be ignored or estimated. The result is either a reduced understanding of the components in the former case, or due to computing constraints, the imposition of limiting assumptions in the latter. To better understand the relative values of the components, this paper presents a novel estimation method, tests previously applied assumptions, and estimates their true values. Results indicate that travelers value each component differently, and previous assumptions are not justified. Furthermore, results indicate that the value of IVTTbus varies across market definitions.