We've taken Megabus a few times now and we pretty much knew what to expect on this trip. The bus picks you up from the convenient 30th street station location in Philly, but also gives you the option of being picked up in Old City in front of the Independence Visitor's Center (right near the Liberty Bell and Independence Hall). After a quick 2 hour ride, you'll be just 2 blocks away from Penn Station in New York, which will allow you to conveniently go to anywhere in NYC.
The bus for this trip is a double-decker bus, so it can accommodate more passengers than the typical Megabus for this popular route. If you can catch the schedule early enough, you can book your trip for as low as $1/person. While catching it this low may be difficult, you should more reasonably be able to find fares for less than $10/person round trip, which is a great deal. Driving from Philadelphia to NYC by yourself will cost you more than that in tolls and gas, plus the parking you'll need to pay for.
For our trip, we did a quick Sunday trip leaving in the early morning and coming back to Philly at night. By doing this, we were also able to park right in front of 30th street station for free all day making this a very easy and budget-friendly trip.
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