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In the parking model on ℤd, each vertex is initially occupied by a car (with probability p) or by a vacant parking spot (with probability 1−p). Cars perform independent random walks and when they enter a vacant spot, they park there, thereby rendering the spot occupied. Cars visiting occupied spots simply keep driving (continuing their random walk). It is known that p=1/2 is a critical value in the sense that the origin is a.s. visited by finitely many distinct cars when p<1/2, and by infinitely many distinct cars when p≥1/2. Furthermore, any given car a.s. eventually parks for p≤1/2 and with positive probability does not park for p>1/2. We study the subcritical phase and prove that the tail of the parking time τ of the car initially at the origin obeys the bounds exp(−C1tdd+2)≤ℙp(τ>t)≤exp(−c2tdd+2) for p>0 sufficiently small. For d=1, we prove these inequalities for all p∈[0,1/2). This result presents an asymmetry with the supercritical phase (p>1/2), where methods of Bramson--Lebowitz imply that for d=1 the corresponding tail of the parking time of the parking spot of the origin decays like e−ct√. Our exponent d/(d+2) also differs from those previously obtained in the case of moving obstacles.