Parking pain (4)
Thursday, 7 September 2017
Motorists often overpay to avoid a parking fine, miscalculate the amount of time that is required or are stung by parking tariff schemes that are set longer than the required time.
Motorists typically overpay 15 (Germany) and 17 (U.K.) minutes per trip. After weighting this to make it nationally representative and converting this to an annual value, motorists in the U.K. overpay by 45 hours per annum on average, compared to 42 in Germany.
At a city level, in the U.K. Londoners overpay the most (67 wasted hours). Motorists in Frankfurt, Essen and Stuttgart overpay 71 hours per annum.
The cost of overpaying is substantial and while this doesn’t represent an economic loss (as it is a transfer from motorist to parking provider) it is a significant pain for the motorist. Most of them could find a more pleasurable use of this unnecessary expenditure.
In the U.K. and Germany, overpayment amounts to GBP 6.7 billion and EUR 4.4 billion respectively.
Extra time paid, in hours and value, per year.
An extract from INRIX Research The Impact of Parking Pain