Parking is the Largest Cost of Driving

As a world leader in connected car data, INRIX, Inc. is uniquely positioned to measure the total cost of driving a vehicle.

INRIX announced the findings of the first ever Cost of Driving study that calculated vehicle ownership costs in 30 major cities in the United States, United Kingdom and Germany. The study found that the indirect, hidden costs of driving, such as sitting in traffic and searching for parking, carry a significant economic burden for drivers in the U.S. – to the tune of $3,037 per driver in 2017.

The average U.S. driver faced a total driving cost of $10,288 in 2017, made up of direct (maintenance, fuel, insurance, and parking and toll fees) and indirect/hidden (wasted time and carbon, parking fines and overpayments) costs. Interestingly, traffic- and parking-related costs made up nearly half (45 percent) of the total cost of ownership in the U.S.

“The true cost of driving was staggering but what was truly surprising was the size and breakdown of the hidden costs. Parking, for example, made up a third of the total cost of vehicle ownership,” explains Dr. Graham Cookson, Chief Economist, INRIX. “On average, drivers spent more than $3,000 a year on all parking-related costs.”

INRIX Cost of Driving Index – U.S. City Results

On the local level, New York City was the most expensive city for drivers out of the 30 cities studied. In 2017, the total cost of driving in NYC was nearly two times the national average at $18,926 per driver, mostly due to the cost of parking. New Yorkers parked more often (10 times/week), paid more frequently (60 percent) and paid the most (average off-street rate of $28 for two hours). At $10,203 per driver, Detroit had the lowest total cost of car ownership mostly due to cheaper on-street and off-street parking rates.

Country Results

The average U.S. driver faced a total driving cost of $10,288 in 2017, which was 55 percent more than the average U.K. driver and 14 percent more than the average German driver. However, U.S. drivers use their cars more than their German counterparts (13,467 miles driven annually in the U.S. and 8,709 miles driven annually in Germany), but the congestion impact is smaller.

Thankfully, there are solutions to alleviate some of these costs through awareness and technology. Applying big data to create intelligent connected car services is key to solving mobility problems, which will reduce the economic impact of congestion and parking pain. INRIX leverages vehicle connectivity, advanced parking management, dynamic data for city planning and traffic flow optimization to make it safer, cleaner, more convenient and more enjoyable for people to get to where they need to go.

Please follow and like us:

12.04.2018   |  

Related Posts