This paper analyses for the first time the impact of new GPS signals on positioning accuracy for dynamic urban applications, taking bus operations as an example. The performance assessment addresses both code measurement precision and positioning accuracy. The former is based on signal-to-noise ratio and estimation of multipath and noise by a combination of code and carrier phase measurements. The impact on positioning accuracy is derived by comparing the performance achievable with the conventional single frequency GPS only positioning both relative to reference trajectories from the integration of carrier phase measurements with data from a high grade inertial measurement unit. The results show that L5 code measurements have the highest precision, followed by L1 C/A and L2C. In the positioning domain, there is a significant improvement in two-dimensional and three-dimensional accuracy from dual frequency code measurements over the single frequency measurements, of 39% and 48% respectively, enabling more bus operation services to be supported.