INRIX has just announced the findings of the first Cost of Driving study [1], 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).