On average, 44 hours of the year are being spent by drivers simply looking for the right space, a figure which rises to an alarming 67 hours for those driving in London.
These associated costs, taken from a data study by traffic information supplier Inrix, are based on the value of the most hours wasted, plus time spent on fuel, parking fines and overpayments.
Among the biggest losers of this parking issue are businesses and the high streets up and down the UK. The study suggests two-fifths of drivers avoid driving to the shops due to the inconvenience and issues associated with finding a suitable parking spot.
For those residing in London, this neverending search for a space costs a typical £1,104 each year.
Some major cities fare much better, with Belfast drivers incurring an average cost of £928 (56 hours), those in Leeds £772 (47 hours), and Bristol £768 (46 hours).
The issue of parking was raised late last month, when the Public Health England (PHE) and the National Centre for Health and Clinical Excellence (Nice) laid out their plans for ‘no-idling zones’ around schools and hospitals.
In total, Inrix state that over £30 billion is contributed in the UK as a result of the time wasted searching for a space, parking tickets and overpaying for parking time.
Annoyingly, even though a huge 71% of motorists don’t believe there is enough parking available, the overall occupancy of spaces can be as low as 50%.
Inrix’s chief economist, Dr Graham Cookson, states the problem is one to do with information available to motorists, not parking.
“To lessen the significant burden parking pain has on our economy and lives, smart parking solutions are available for drivers, parking operators and cities to help reduce search times, congestion and pollution as well as negate overpaying and fines altogether,” he said.
“Parking pain will only get worse until technology is fully embraced.”
The study was based on analysis from data used from parking locations, as well as survey responses from nearly 18,000 drivers across the UK, the US and Germany.
With costs rising for the UK’s motorists, here at U Drive Cover we believe in ensuring that motorists have the most up to date information