With the average UK driver now spending £168,880* running a car over their lifetime, there’s no doubt that owning a car can be an expensive business.
New research by leading vehicle leasing company, Leasing Options, reveals that UK drivers can pay as little as £3 for a nine-hour stay in a car park, or as much as £42 – with huge differences based purely on their work location.
The research asked drivers to disclose how much they spend on parking per month whilst at work, with 80% of respondents paying for it out of their own pocket and almost half (48%) paying over £360 a year.
The study included an examination of the cost of nine hours’ parking in ten of the highest populated UK cities, revealing London, Glasgow and Manchester as the most expensive cities to park in.
The average cost of parking in the 10 largest UK cities**:
- London (Trafalgar Square) – £40.25
- Glasgow – £20.50
- Manchester – £18.13
- Leeds – £17.63
- Liverpool – £16.43
- Edinburgh – £16.38
- Leicester – £14.75
- Bristol – £12.75
- Sheffield – £12.50
- Birmingham – £5.20
Unsurprisingly, London is the most expensive city to park your car, with the cost of a nine-hour stay coming in almost 170% higher than the average across all other cities. Brummies, on the other hand, can expect to pay an average of £5.20 for the same parking stay.
The differences don’t stop there. 56% of London employees looking to pay for a month’s parking in one go could pay £30 or more, with an unlucky 16% pay over £90.
East Anglia (66%), North East (72%) and South East (74%) residents pay the least for parking per month, with the majority of drivers paying less than £30 a month when parking for work.
Mike Thompson, Brand Manager at Leasing Options, said:
“This new research has really highlighted the huge cost of parking for drivers, although certain regions seem luckier than others when it comes to the monthly cost of driving to work. We hope the results of this study will demonstrate just how much employees are shelling out for parking, and encourage them to shop around for car park providers and locations that will save them money.
“Our research found that drivers who are happy to park slightly further away from their workplace can certainly save money if they are willing to walk.”
To read some top tips for cutting the cost of parking at work visit: https://www.leasingoptions.co.uk/news/blog/the-cost-of-parking-are-you-paying-too-much/4752