QOTD: How Much Would You Pay to Park in Manhattan?

Tim Healey
by Tim Healey

I've been playing with crossovers in Tennesee today -- we even tracked a Mitsubishi Outlander PHEV, which I will tell you about next week -- and during a break in the action I saw this story cross the timeline and I had to do a double-take.

Parking spaces that cost $300,000 to $600,000? Even with some pretty trick automation that parks the car for you, that pricing seems insane.

Of course, the ultra-rich folks who can afford such things will happily pay that price -- there's obviously a market for it, small though it may be. The rest of us will have to daydream.

Since this is a daydream scenario, I got to wondering -- if you had unlimited funds, how much would you be willing to pay? Is $300K fine but $500K too much?

Pretend to be rich and have fun with this one.

[Image: GagliardiPhotography/Shutterstock.com]

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Tim Healey
Tim Healey

Tim Healey grew up around the auto-parts business and has always had a love for cars — his parents joke his first word was “‘Vette”. Despite this, he wanted to pursue a career in sports writing but he ended up falling semi-accidentally into the automotive-journalism industry, first at Consumer Guide Automotive and later at Web2Carz.com. He also worked as an industry analyst at Mintel Group and freelanced for About.com, CarFax, Vehix.com, High Gear Media, Torque News, FutureCar.com, Cars.com, among others, and of course Vertical Scope sites such as AutoGuide.com, Off-Road.com, and HybridCars.com. He’s an urbanite and as such, doesn’t need a daily driver, but if he had one, it would be compact, sporty, and have a manual transmission.

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7 of 30 comments
  • Nivya Nivya on Dec 07, 2022

    Typical Manhattan parking spot price usually ranges anywhere between $15 to $75 for two hours. However, there are plenty of alternative parking options that provide even cheaper rates.

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  • Astigmatism Astigmatism on Dec 07, 2022

    Honestly I'm surprised it's not higher. My parents bought two garage spots in Boston for $250k in the 1980s. When I worked in midtown a decade ago, garage spots near my building rented for $500 a month, which would support a $125k mortgage.

    Places get expensive when lots of people want to live there.

    • See 2 previous
    • MaintenanceCosts MaintenanceCosts on Dec 07, 2022

      Covering enough space to fit a car is cheap.

      Buying enough space to fit a car in one of the richest cities in the world really is not. Cars are huge. Enough space to fit a car and leave room to get it in and out is also enough space for a small apartment, and the prices will reflect that.

  • Rick T. Rick T. on Dec 07, 2022

    When my wife was practicing law in Chicago back before our move to glorious TN about 10 years ago, several of her clients did quite well investing in parking spaces there.

  • Matt Posky Matt Posky on Dec 07, 2022

    I paid a little under $300 bucks per month to park in Queens and was told by everyone else with a car that it was a great deal. Parking in Manhattan is typically far more expensive to rent and often involves waiting 20 minutes while someone fetches your car. Unless it was a secure garage where you yourself have 24 hour access directly to the vehicle, and it was less than a block away, there is no scenario in which I would actually purchase a parking spot in Manhattan.