The off-peak fares are spectacularly high. Airdrie-Edinburgh is only slightly lower than Glasgow-Edinburgh, as mentioned above. But there is a significant difference in the anytime fares. Rail-britain has (perhaps inadvertently) compared two different fares; the OPDR ADR-EDB with the ADR ADR-GLQ. In reality, the off peak day return from Airdrie-Glasgow is £4.10 compared with the £11.10 to Edinburgh.
The difference is going to be exacerbated by the fact that SPT's fares are rather heavily subsidised. I think the difference is rather too large to make Edinburgh an attractive option TBH, and as a result I think it will contribute to low passenger numbers; why go to Edinburgh when Glasgow is less than half the price, and a lot closer?
That all said, I actually think the £11.10 to Edinburgh is actually a very reasonable fare, when you consider the length of the route and the alternatives (ie, drive down the monotonous M8, which will soon have M80-esque roadworks and try to then drive through Edinburgh). I just don't think the people of Airdrie will be very happy to pay that price too often.
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Used the service for second time today, I feel that £10.30 is a bit rip-offish for an off peak Queen St to Bathgate return, £6.50/£7.00 would be about right.
I think that would be about right as well. I'd say £8.50 at the most, basing it on the price from Glasgow-Edinburgh. But, as I mentioned above, it's just the off peak tickets where this discrepancy lies. The anytime fares are much more proportional IIRC. And besides, I've always found the OPDR between Glasgow and Edinburgh to be exceptional value for money.