The US has seven cities in the top-ten most expensive cities to park in. Picture: REUTERS
The US has seven cities in the top-ten most expensive cities to park in. Picture: REUTERS

Cape Town has the third cheapest parking rates in a study of 65 cities around the world, while New York has the most expensive, according to a new study.

The 2020 Parking Price Index was conducted by online car maintenance service Fixter.co.uk to reveal the differences in the cost of parking in cities around the world.

The US had seven cities in the top 10 most expensive cities to park in, including Boston in second place. Australia had two cities in the top five (Sydney third and Brisbane fifth), while the UK had one, London, in fourth place.

Cape Town, which placed 63rd out of 65, was the only South African city ranked in the study. Only Buenos Aires and Delhi had cheaper parking rates.

The study listed major parking locations that charge the highest prices as well as airports, shopping districts (both car parks and street parking), city halls, as well as sporting stadiums.

Parking prices per hour in New York were: airport $8 (R134), shopping district (car park) $30 (R500), shopping district (street parking) $4.50 (R75), stadium $33 (R550), and city hall $25 (R420).

Parking prices per hour in Cape Town were: airport $1.01 (R17), shopping district (car park) $0.67 (R11.20), shopping district (street parking) $1.18 (R20), stadium $2.69 (R45), and city hall $0.34 (R5.70).

Fixter.co.uk reveales the differences in the cost of parking in cities around the world. Graphic: FIXTER.CO.UK
Fixter.co.uk reveales the differences in the cost of parking in cities around the world. Graphic: FIXTER.CO.UK

The Fixter.co.uk study noted that many city councils face a great loss of income from the reduction in parking revenue due to Covid-19 lockdowns, so the company also investigated these figures. The results show that major hubs such as Chicago for example, which rely on this revenue to fund public services, stand to lose an estimated $180m (3bn) due to the pandemic.

As restrictions ease and movements increase, cities and drivers everywhere now have an opportunity to reassess how things have been done in the past, noted the study. With many countries already having considered car bans in major city centres before the pandemic, and alternative means of transport like cycling becoming increasingly popular, city councils around the world will need to re-think their parking cost strategies.

For the results and full methodology of the study visit https://www.fixter.co.uk/car-park-index-2020-usd

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