According to a recently-published study, drivers in the U.S., UK and Germany waste billions of dollars a year and countless hours looking for parking spots and overpaying.
The study by INRIX polled 17,986 drivers in 30 cities across the three countries and found that in the case of New York, drivers typically waste 107 hours a year simply searching for a parking spot while those in London and Frankfurt waste 67 and 65 hours respectively.
What’s more, it was concluded in the United States that scouring a city for parking costs the average motorist $345 a year in lost time and wasted fuel. All up, the economic burden of this issue costs the country about $72.7 billion a year, a figure that decreases to 40.4 billion euros ($46 billion) in Germany and 23.3 billion pounds ($30 million) in the UK.
Overpaying is also a huge issue. In fact, the study discovered that the average U.S. driver overpays by $97 a year for parking by coughing out for more time than needed. That figures jumps to 98 euros ($112) in Germany and a surprising 209 pounds ($269) in the UK, predominantly out of fear that drivers will receive a parking fine.