A study by transportation research company INRIX released early July revealed drivers across the globe waste billions of dollars trying to find parking spots.

The study analysed the use of 35 million parking spaces in 8,700 cities across 100 countries, including the U.S., our nearest neighbour.

Compiled with data from a study of 17,986 drivers’ parking behaviour, INRIX determined more than one-hundred billion dollars is wasted trying to find parking spots globally, while drivers in the U.S. alone blow some $72.7-billion US a year searching for parking spaces and overpaying for those spaces—that doesn’t include the actual amount paid for parking!

The amount of money wasted searching for parking considered in the study includes fuel burned while searching for a spot, and the economic burden of wasted time spent hunting for parking.

In New York city, for instance, drivers lost an average of $345 a year in lost time and wasted fuel; it’s likely Torontonians spend roughly as much.

Closer to home, Transport Canada has found overall congestion on our roadways costs Canadians as much as $4.6-billion annually, with the Greater Toronto Area accounting for 42.5 percent of total congestion in the country, Montreal for 20.6 percent, and Vancouver for 16.6%.

Mobile phone-based and future vehicle-integrated parking apps promise to reduce wasted time and effort spent searching for a spot, but with increasing traffic volume in Canada’s biggest cities, it appears there’s no end in sight for money-wasting parking wars.

(INRIX)