Parking fact of the day

On average [in the U.S.] a new parking space has cost 17 percent more than a new car.  Drivers may not realize it, but many parking spaces cost more than the cars parked in them, especially because cars depreciate in value much faster than parking spaces do…the parking supply is worth more than the vehicle stock.

That is from Donald Shoup’s The High Cost of Free Parking, a detailed, economically insightful, data-rich, and lengthy, impassioned plea for charging people for parking spaces.  Here is Dan Klein’s excellent review of the book.