Sunday, October 18th, 2009

Leading Economic Indicators: Rolls-Royces Lurking Around On Alternate-Side Parking Days

You’d think that garaging your Porsche in Manhattan was a fairly inelastic expenditure. Not these days:

Garage managers in the swanky 10021 ZIP code say the recession has driven away customers, and it’s little wonder with monthly fees hitting $800 or more. An extra $100 is often tacked on for exotic cars.

Rolls-Royce owner Jonathan Martin said he’s fed up with paying about $500 a month for the privilege of parking and recently started searching for free spaces with the masses.

“The garage rates keep going up around here,” he said.