There is a lot of parking by the beach on the Malaga end of Torremolinos on the Paseo Maritimo and there is free parking (correct Nov 2017) behind the Parque la Bateria, Calle decano Antonio seoane.
Closer to town there is free parking (correct Nov 2017) on Calle Rio Mesa if you cannot get parked there, there's an underground car park at the end of the road on Calle Rio Aranda but it is a pay car park. See below.
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