Monthly Parking vs. Daily Parking

As someone involved in the online parking business, it's my job in researching the market and hearing feedback.  

And while doing my job I came across this startup firm in NYC whose workforce realized that they had been paying for their office parking too much. They were overpaying monthly parking charges and had no idea until a month ago.  

For a whole year they had been paying huge charges until they realized what was wrong. They were paying a daily parking fee instead of a monthly one.  

When the team sat down to calculate, they realized that if they had moved to monthly plans, they would have saved around 50% of what they are paying now. It was insane! They were parking at the same spot, and yet they were being charged too much. 

This is a part of parking economics that most people fail to understand. There’s this break-even point between daily parking and monthly parking fare, and it occurs fast. And when you focus monthly, the impact it will have on your savings will be profound.  

You could be someone who travels frequently or a daily commuter or someone who just requires a decent parking spot every day. It’s crazy how much the parking fee can affect your recurring m monthly expenses.  

So, after observing and carefully analyzing, I came up with this guide to help you make the correct decision in your favor whenever considering parking in the city and avoiding heavy fees.  

In this guide, you will learn things like:  

The number of days on which the monthly parking fee becomes less expensive. 

Why people fail to calculate the correct cost of parking their cars 

The hidden costs in these parking that not many people know 

The art of negotiation for better rates. 

Let’s go!  

This is what most people fail to get right about parking  

I’m going to tell you something about what the majority of people think when it comes down to calculating parking costs.  

Let’s say there’s a daily office parking in the city like NYC 

 Daily charges: $12 per day 

If it's for 20 days, then 12*20 = $240 a month 

But if one opts to pay a fixed monthly fee, then it could be as little as $200 at least.  

Obviously, the monthly parking option seems more viable.  

But what if I tell you that this lacks some important factors that will entirely change the calculation?  

The Hidden Costs 

The cost of Searching and Stressing 

This is the reality of daily city parking: 10 mins to 15 mins time is consumed in searching for the right spot. And that’s not one day. It’s almost every day.  

Let’s do the math here 

15 minutes * 2 trips and then * 20 working days= 10 hours a month 

If your value is let’s say $20 / hour, then it’s $200 hours of stress monthly. Yikes.  

This also includes some gas that is consumed while navigating the parking spots.  

But with monthly parking, you know your spot. It’s booked and waiting. You know the route, the turns, and the time to get there. Everything seems easy. No hassle. 

The cost of Peak Charges   

We all know how much and how often the parking charges surge. 

During special downtown events 

During the Holidays  

During extreme Weather conditions  

If your daily parking fee is $10, it can easily skyrocket to $15 during these peak times.  

But when you have opted for monthly parking, it stays fixed no matter the conditions.  

The Cost of Payment Processing Fee 

Here’s what costs you pay when you go for paying daily 

Cards (Credit/Debit) processing fees 

Meter feeding charges 

Time consumed.  

With Monthly fixed parking, you get to avoid all this.  

The Cost of Anxiety  

Here’s what happens if you’re a daily payer instead of monthly parking and you rrush to the parking site.  

You’re afraid your spot might get occupied by someone else 

The building authority removes your spot 

You’re late and had to take another (often expensive) option 

This creates panic and anxiety every morning when you go out to work.  

However, if you're a monthly payer, everything is already fixed and awaits your arrival. Zero anxiety.  

Other Hidden Costs 

There are a number of other costs that are hidden or are unrealized by daily parking payers. These costs include but are not limited to: 

The price increases parking spaces which could be subject to inflation or other economic or changing business factors. 

Parking lots can be subject to changes which can occur at any unprecedented time. Hence, when this occurs, people could face the struggle of relocation.  

There is no guarantee of providing consistent quality service for daily parking payers. If the quality degrades, the driver has no choice but to comply with the rules. There is no loyalty to daily users.  

All these factors can easily be avoided when one goes for a monthly booking. Monthly customers get priority treatment and loyalty programs.  

Monthly Parking Advantages  

There are number of advantages for monthly parking  

The VIP Treatment  

People who register for monthly parking get: 

Preferred spots for their cars 

The entry and exit are fast 

Monthly parking customers get better customer service 

They get notices and notifications in advance regarding any changes.  

Flexible Budget  

Monthly parking customers get fixed and unchanged budgets 

Unchanged budgets during peak hours 

Consistent budgets without inflation effects.  

The Leverage to Negotiate 

Monthly paying customers get multiples discounts 

At some spaces, monthly customers can benefit from additional charges such as car washing and extra safety measures.  

The monthly payment charges are also flexible and can be done in installments in certain conditions.  

Different office locations 

Client meetings at various sites 

Flexible work arrangements 

No single primary parking location 

To conclude, if you pay for monthly parking service instead of burning your money daily on per day parking, you will not only lose your money, but you will also be deprived from the opportunity to avail quality time, better deals, and a dozen of extra benefits.