INRIX has just announced the findings of the first Cost of Driving study, which calculated vehicle ownership costs for 30 major cities in the U.K., U.S., and Germany.
Leveraging INRIX global data, the study found that traffic- and parking-related costs made up nearly half of the total cost of car ownership.
In 2017, the average U.S. driver faced the highest total driving cost of $10,288, which was 55% more than the average U.K. driver and 14% more than the average German driver.
Across the three countries studied, the indirect, hidden costs of driving – such sitting in traffic and searching for parking – represented about a third (30%) of the total cost of driving.
Drivers in the largest cities were hit the hardest. London (£9,430), New York ($18,926), and Frankfurt (€9,387) spent the most on vehicle ownership costs.
Parking-related costs imposed a significant economic burden in 2017, contributing roughly a third (30%) of the total cost of driving in the U.S. ($3,001), U.K. (£1,815) and Germany (€2,037).