Parking pain costs VIC drivers $368 million a year
23 May 2012
The Bingle Cost of Motoring Index has found parking costs are bleeding Victorian (VIC) motorists’ dry, to the tune of $368 million a year, almost $70m more in than New South Wales ($300m), and well over twice as much as Queensland ($162m).
High parking charges are clearly a concern for VIC motorists with Bingle’s research finding nearly half of them are losing countless hours each week worrying about parking fees and the threat of parking inspectors.
“Parking costs are top of mind for VIC drivers - 40 percent2 are leaving work or social gatherings regularly to move their car, hoping to save on parking costs or possible fines,” Bingle Car Insurance spokesperson Melanie Vine said.
“Keeping an eye on the clock because you have to move your car, and emptying your wallet as you feed the meter is a huge drain on productivity during the work day, and your finances.”
Bingle also found 53 per cent2 of drivers say they’ve parked quite a distance from their destination in order to save some money.
“Drivers can pay up to $70 for just four hours of parking in a Melbourne CBD parking station – not exactly loose change. Parking stations and council run car parks are costing VIC drivers a whopping $135 million1 in total, per year. That’s over $60 million dollars more than Queensland drivers for example,” Ms Vine said.
“While the park-and-walk strategy might be better for your waistline and your wallet, it isn’t always feasible,” Ms Vine added.
“It is possible to save on parking costs by doing a little research and making sure you know the deals, whether it’s the first three hours free or discount rates at certain times. Being prepared could mean serious savings on parking.”
1. Index development note
The Bingle Cost of Motoring Index tracks and measures the ongoing costs faced by drivers annually. It includes a survey of 1,200 owner drivers, conducted in September 2011, covering VIC, NSW and QLD. This data, along with other costs sourced from the relevant State Government departments, underpins this index, which was created by research agency Nature. The sub groups have been cross referenced against the latest census data for drivers where state, region, age and gender figures to represent the results at a population level.
2. Research note
From a Newspoll survey conducted nationally among 3706 respondents aged 18+ years who were current car drivers as at March 2012. Collected data has been weighted in line with current ABS population demographics to ensure any extrapolation of results is representative of age, gender and area.
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