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Reading time : 2 mins
“I don’t pay much for street parking” – said no one, ever.
Anyone who commutes to the city can tell you that finding reasonably affordable parking is a near impossible feat. It is a challenge that has escalated commuter costs as well as heart rates; but we have accepted this plight and habitually overpay for street parking when there are more affordable options.
Now just wait – Hear this one out. You have probably considered monthly parking and discounted the option because you only commute to the city 4 times a week – or you don’t want to pay upfront – or you have some other reason that makes you think street parking is cheaper. But let me explain why you’ll be better off committing to a month of parking instead.
Across 10 of the largest US cities, INRIX Research found that, on average, drivers spend 64 hours per year looking for parking at a cost of $1338.90 per driver in wasted time, fuel, and emissions. Pretty crazy to think about. On top of that, INRIX found that in the same 10 largest US cities, drivers add an extra 50 hours per year of paid parking to a parking transaction to avoid a ticket or in other words $322.20 extra per year! Not only is that more money, but talk about the added stress of keeping in mind when your street parking is ending.
Even though you may think you’re actually ‘saving money’ by hourly street parking… you’re forgetting to add the time it took you to find that spot, the extra money you put in to avoid a ticket, the extra fuel it took circling the area, AND the emissions you created by wandering.
While the commute to work may be essential, overpaying for parking is certainly not. We know old habits die hard and all, but we challenge you to resist the urge and try monthly parking.
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