The traffic impacts of two stages of the New Jersey Turnpike (NJTPK) time-of-day pricing program are studied. The annual and daily traffic trends indicate that demand has continued to increase, exhibiting a similar behavior before and after the time-of-day pricing initiative. Combined with NJTPK traveler survey analysis, the findings demonstrate a statistically insignificant shift to other modes and routes after the time-of-day pricing initiative. Traffic impact analysis on the basis of aggregate data shows a slight shift to off-peak periods after the first stage and to peak periods after the second stage. However, because of a lack of detailed traffic and travel time data, reliable conclusions cannot be drawn from this aggregate analysis. Disaggregate analysis is then conducted, using traffic and travel time information for each origin-destination (O-D) pair of NJTPK between October 2002 and March 2003, 3 months before and 3 months after the initiation of the second stage. Findings show 53% of E-ZPass users preferred peak periods with lower travel times and higher tolls instead of peak shoulders with higher travel times but lower tolls. For most of the highly used O-D pairs, E-ZPass traffic at periods with the highest travel time has decreased after the second stage of the time-of-day pricing program. However, this reduction is statistically insignificant. Given the small price differential between peak and off-peak periods, it is likely that NJTPK E-ZPass users are trying to avoid congestion rather than slightly higher tolls. The results are assessed, and the findings are compared with those of similar studies.