referring to a parking space in a full parking lot, occupied by a small automobile, making it appear that there is an available space. When you go to pull in you realize there is a cheap ass econobox filling your precious spot.
Gunther: Man, fuck this. There's gotta be at least one spot.
Todd: Oh dude right there!
(car begins to enter parking space)
Gunther: God dammit! That's totally a phantom space! That's why I hate Miatas!