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I don't understand your reference to a park and ride lot. The only reason to rent a car at ISP is to drive yourself into Manhattan. (That's how you would save 1 1/2 hours.) But if you are going to drive yourself to Manhattan, why would you need a park and ride lot on Long Island?
Depending on where you are going in Brooklyn and Queens, you may find public transportation to be very convenient. The Long Island Rail Road serves several Queens stations with frequent service from Penn Station. And the subway goes to several parts of Queens, and most of Brooklyn.