WE HAVE all been there – in a hurry at the parking machine and without the right money.
So what? If it is worth it we nearly all shrug it off and overpay by the odd pound or 50p.
But figures released recently may make us think again because it seems that each year £2.4 billion is being wasted on parking time that is not used.
In a study of pay and display parking meters, Direct Line Insurance found the average driver overpays by £1.51 on pay and display machines every week, adding up to £78.52 wasted a year.
The study shows 56% of motorists overpay to avoid potential fines when they are caught short of change but in the process end up paying for 1.395 billion hours of parking time they then don’t use.
The wasted time equates to an average of 52 minutes a week for the average driver equivalent to 45 hours of parking they pay for but do not use every year.
Young drivers are overpaying the most when they don’t have the right change, with 18-24 year-olds overpaying by an average £2.22 a week while motorists in London are wasting the most money at £2.79 a week. Women overpay more than men with £1.57 compared with £1.46 for male drivers.
The research forms part of the Direct Line Parking Report 2011, which investigates parking issues and charges and plans to launch later in the year
The insurance company is calling for more car parks to abandon payment in advance so motorists are only charged for the time their car has been parked. It is also calling for an end to machines that do not offer change.
The fact is that motorists are feeling the pinch worse than ever and having to fork out for parking that is not used is just plain wrong.