The average driver in New York City pays more than $5,400 a year for parking, while the average for other major cities was between $2,000 to $3,000.
Sound like a lot? Try San Francisco.
A San Francisco Bay Area realtor named Bill Williams is selling a parking space in a parking garage connected to a condo in the city’s high-end South Beach neighborhood.
Williams’s asking price is $100,000. The owners of the premium spot pay $300 monthly and they are moving to New York soon, so they want to sell the parking spot outright.
INRIX, a consulting company, said that San Francisco, along with having high cost of living expenses, has the third-worst parking space availability issues in the country.
Drivers here spend over 83 hours annually looking for a parking spot. These factors help account for the high asking price.
There are more premium parking spots outside of San Francisco.
A parking spot in Brooklyn, New York was bought for $300,000 in 2017. Another parking spot sold for $970,000 in 2019.
This was usually done to avoid parking tickets, costing about $12 annually.
INRIX reported that the average American driver wasted $345 in fuel and work hours by aimless driving around and waiting in traffic to look for favored parking spots.
Drivers will irrationally, and sometimes unwittingly, waste money in the hope of finding prime parking spots. Many drivers pay plenty for parking garage spots.
Most drivers don’t appreciate the associated costs that come with owning and operating a car besides just parking. The average price of a car in 2019 was almost $36,700.
Most driver pay over $10,000 in indirect and direct costs related to operational and maintenance costs. These include:
- Maintenance and repairs
- Parking costs
- Parking fines
- Cost of wasted time in traffic and looking for parking spots
Such costs can account for 45% of all car-related costs for the lifetime of car ownership.
According to INRIX, a company that studies traffic patterns in the United States estimated that the average driver overpaid parking meters, buying more time than they needed by $97 in 2017.
Bulletproof Your Portfolio Now!A smart investor should be prepared for anything. That’s why David Frazier created the Bulletproof Wealth Report. This comprehensive investment service is everything you will need to survive and thrive in the looming meltdown. In other words: It’s how anyone can make their portfolio bulletproof. It’s a mix of fast-growing, leading companies that are the engine of American prosperity. To that he adds a healthy dose of “insurance policies” i.e. stocks and funds that benefit when the next recession strikes. The future favors the prepared. You can be prepared. Not only that — you can profit.
Bulletproof My Portfolio!
Cryptocurrency Will Shine Through the Coming ChaosWhile the U.S. spends and spends and spends its way into oblivion, the eventual result will be inflation. Serious inflation. The dollar will crash, gold will shoot higher and Bitcoin, well, it can only become more scarce and more valuable. There’s a natural ceiling to the number of Bitcoins that will exist — ever. By design, there can only be 21 million of them. Soon, the ceiling will be hit. Now is the moment to get into cryptocurrency. There’s a been a rise of late, but prices are consolidating, setting up for the next leap higher. Grab Keene Little's widely followed cryptocurrency newsletter, Crypto Wealth Protocol completely risk free.
Yes! Send Me A Free Issue