Drivers in London are spending over £2000 a year on parking

Lydia Woodward | 29th May 2018

Research reveals the surprising hidden costs of city driving. Smart motorists look to cut costs with mobile technology.

A new study by INRIX research has revealed that UK drivers are spending £5,785 just to stay on the roads each year. In London on average, drivers are spending £2,239 on parking every year and this does not include over spending on parking machines. This overspend, for example buying 2 hours when you only stay for 30 minutes is costing an additional £1,595.

The research found that on a per mile basis, UK drivers are spending 35% more on driving than the US and Germany. INRIX broke it down to show that off-street parking in London cost an average £6.23 for two hours.

Graham Cookson, Inrix chief economist and head of research, said: “The true cost of driving is staggering, but what is truly surprising is the size and breakdown of the hidden costs of driving.” The report argues that the technology exists to lower parking costs, allowing drivers to compare rates, reserve spaces and navigate their way to them easily.

 

No Risks, No Contracts

Plug your car parks into the cloud to effectively manage your parking inventory. Join the digital economy to attract drivers looking to search, book and park online.

Start your free trial

NO CONTRACT | NO OBLIGATION | NO FINE PRINT