They are building a new parking garage across the street from our work,in the “trendy” area of Philadelphia known as Old City. Today we got a flier telling us all about this wonderful parking garage.
It seems they are selling parking spots.
With valet parking.
For the amazing price of $30,000.00 per spot.
Sounds a little expensive huh?
We called the phone number to get some more info about it, and we found out that if you cannot afford their prices you can get rooftop parking, but your car will be exposed to the elements. That will cost only $25,000.00.
What the fuck are these people thinking? I know there are really stupid people in the world and some of them have lots of money, AND some of them can actually “drive” a car. But are these people completly fucking insane? We called around to other parking garages and found out how much they charge for yearly parking, you could go for 17 fucking years for the same amount of money, assuming that you will be living in the same area for that long. And I know that they will manage to sell every damm spot, motherfuckers.
When I’m waiting for the bus home from work tonight, I shall be able to say to myself, “Gosh! I’m saving myself $30,000 (whatever that is in proper money) a year, just by not having a car! Aren’t I frugal and a good money manager?”
$30,000? Maybe if the parking spot came with a hot tub and Winona Ryder. But not otherwise.
You clearly haven’t thought this through Steve: I save far more money than that every day by driving my car to work (or taking the train) as opposed to the huge costs of developing and running my own sub-orbital jet.
Hmmmm…At first I thought this was outrageous, but now that I’ve had time to ponder, it might not be so bad after all.
Work with me here. (And those who are great at math, feel free to chime in)
The parking spot is $30,000 lifetime. I assume this must be in an area that is tough to park in. If so, it’s only going to get worse, so the spot might actually appreciate in value.
You say a comparable garage would go for 17 years at the same price…But when you figure that you will probably have to work 35 years to retire, (and the inflation over that time period) the price doesn’t seem too steep.
I may be completely off base here, but I know a lot of folks who would gladly pay that amount to work at the University of Virginia, where prices can run as much as $300 per month for parking.
What’s the problem. Have they shot your mother or something? Why do you begrudge their entrepreneurship? Are they forcing people to use their parking facilities? Did you understand that, when money moves around in a capitalist economy new wealth is generated? Is it just a petty jealousy, or what?
Nice try. One really admires the sort of human being who’s first impulse is to think the best of his/her fellow mankindians. I wonder if you could help me feel better about the stock market tanking twice in two years?
There are lots of other costs, here.
Well Fargo CDs for $30,000 for a mere 6 months are at 3.75%, now. That works out to $1,000 per year. Even after taxes, that’s still at least $500 a year. So the parking thereabouts better be far, far more than $500/yr.
As the OP pointed out, it would be 17 years (at a yearly rate!) before this investment paid off. So this means parking in other places is about $1,600 per year??
There’s absolutely no guarantee the value of the parking spot would go up. What if housing prices tanked? What if a rival garage company set up a better, cheaper garage down the street?
It’s not at all likely someone would stay in one spot long enough to make this pay. If they moved, what part of a “lifetime” membership would they be allowed to sell?
I agree with Libertarian. You don’t have to buy a parking spot, and they have the right to charge whatever the hell they want. Still I bet they will sell every damn spot to idiots who consider it a priviledge to pay more money than alot of people make in a year just to park there, but maybe Spit is right and it could pay off in the long-run to buy a spot. The more I think about it, the more I think Spit is correct, but then again how do you know you’ll always work in that area?
If someone is willing to spend that kind of money for parking, more power to them.
“Did you understand that, when money moves around in a capitalist economy new wealth is generated?”
Generated mostly for those already wealthy, of course. I’m not impressed.
“Is it just a petty jealousy, or what?”
Just because your mommy says “they’re just jealous”, doesn’t make it true. He’s just claiming that it’s stupid to spend 30,000$/yr for lifetime parking. If someone is already wealthy, then I don’t quite agree. If they’re not, then it WOULD be stupid, but most people who CAN’T afford that likely wouldn’t use such parking places anyway.
$10/day was one of the cheaper lots where I used to work - which is $2,500/year. More if you used valet parking. Plus the inconvenience of driving around trying to find somewhere else to park if the lot was already full.
If parking becomes more scarce, if garage rates go up (which they both probably will), and if the idea takes off (the iffy part) that parking space is going to be a great investment. (very sad, but…)
partly_warmer- I feel GREAT about the stock market! Makes it even cheaper for me to buy under-valued stocks!
As far as parking goes…
I said before, I suck at math, but this doesn’t seem all that bad. Maybe because I DO suck at math, my view is skewed.
You are right: Someone may make a cheaper garage down the street, but do you really think that will happen? They would have to buy the land at considerable expense, (obviously, if parking spaces are so extreme) then build the garage, etc.
It would all depend on:
a) If you thought you would stay at your job.
b) If you could sell the rights to your space.
c) If you thought the area you bought your space in would still be a decent area in years to come.
d) How much is it worth not to walk so far to work, and to have your car sheltered?
It’s a risky investment. All investments are risky.
I do believe however, this might be a sound one. (Insane though it may be in today’s economy)
