Payment Card News

Crazy NYC Drivers Wasted $4B Finding a Parking Spot Last Year

18 0

On average, U.S. drivers spend 17 hours per year searching for parking at a cost of $345 per driver in wasted time, fuel and emissions. On average, drivers in the Big Apple spend 107 hours per year searching for a parking spot at a cost $2,243 per driver in wasted time, fuel and emissions, amounting to $4.3 billion in costs to the city as a whole. 

INRIX studied 100,000 locations across 8,700 cities in more than 100 countries, with results from a recent survey of nearly 18,000 drivers in the U.S., U.K. and Germany, including close to 6,000 across 10 U.S. cities.

NRIX research found, on average, U.S. drivers spend 17 hours per year searching for parking at a cost of $345 per driver in wasted time, fuel and emissions.

Los Angeles drivers trailed New York with the most painful parking experience (85 hours – $1,785), followed by San Francisco (83 hours – $1,735), Washington D.C. (65 hours – $1,367), Seattle (58 hours – $1,205), Chicago (56 hours – $1,174), Boston (53 hours – $1,111), Atlanta (50 hours – $1,043), Dallas (48 hours – $995) and Detroit (35 hours – $731).

The INRIX Parking Study surveyed drivers about how much extra time they typically add to a parking transaction to avoid a ticket. In the U.S., drivers add an average of 13 hours per year when they pay for parking. When combined with INRIX Parking rate data, the cost of overpaying for parking amounts to more than $20 billion annually. Drivers in New York City add the most extra time when paying for parking, averaging 96 hours a year, or an extra $896 in parking payments.

In addition, the survey also asked how many parking tickets motorists received annually. New Yorkers and Angelenos once again topped the list, this time with the most parking tickets per year at 1.31 and 1.05 respectively, although the average American gets one every five years. Interestingly, U.S. drivers spend eight times more a year overpaying for parking than they do in parking tickets.

Of the 6,000 U.S. drivers who responded to the survey, an alarming 63% reported they avoided driving to a destination due to the challenge of find parking, dramatically impacting local businesses and economic activity. Breaking it down further, 39% of respondents avoided shopping destinations because of the lack of parking, 27% didn’t drive to airports, 26% skipped leisure/sports activities and 21% avoided commuting to work. A surprising 20% of American motorists surveyed did not drive to the doctor’s office or hospital due to parking issues.

Almost two-thirds of Americas drivers (61%) reported they felt stressed trying to find a parking spot, nearly half (42%) missed an appointment, one-in-three (34%) abandoned a trip due to parking problems and one-quarter (23%) experienced road rage.

MORE

Leave A Reply

FREE MONEY SAVING TIPS!
Your Information will never be shared with any third party.