Car Owners in Major Cities Spend a Ton of Money on Parking

Having a vehicle in this country is vital for most people. In fact, over 75% of all commuting in 2016 was made by individuals driving alone. Driving a vehicle to and from work can be quite costly, especially in big metropolis areas. It’s been estimated that U.S. drivers spent over $10,000 on average in 2017 for driving expenses like fuel, insurance, upkeep, tolls, parking fees, fines, and wasted time. Costs that are indirect like parking fees and traffic time account for about 45% of the total expense of car ownership. 

According to INRIX Cost of Driving Index, New York City is the costliest place in the nation to own a car, with expenses heaping up to almost $19,000 per year. Los Angeles is the next most expensive city with a yearly cost of almost $15,000, followed by San Francisco with just under $15,000.  

Car drivers who live in big cities end up forking over thousands of dollars each year just to find a space to park. New York drivers pay much more in parking fees than all other big cities. Even with parking lots, parking spaces and off-street parking garages, drivers still end up meandering around for a long time on the lookout for a parking spot. After finding a spot, the charge to park there can be excessive.  

In 2017, NY drivers spend a whopping $5,395 in parking fees alone. Drivers in San Francisco averaged a cost of $2,800 in parking fees while Los Angeles was close behind at $2,400.  

While some big cities have much more affordable parking than these examples, parking fees can often climb up to $1,000 a year in a bigger city.  

With all the expenses a person has to fork out for car ownership in a big city, no wonder so many people ditch their vehicle and opt for riding their bikes to work or using public transportation. If you are looking to get rid of your car, consider donating your car to Kidney Cars. It’s free, easy and tax deductible.