Evaluating the Gated Vs. Metered Parking Costs
While the investors are deciding whether they will consider gated or metered parking, one of the main things that is on the top of their mind is the cost. Also, they are considered the revenue generated once they have invested in the system. During the evaluation of the cost, some of the things that you will consider is the maintenance, installation, and operation cost. In this article, you will understand the cost information regarding the parking and metered gating system.
The gated parking system is more expensive compared with the metered system. The many things in the gated system such as gate, exit, and entry machine, pay station, a Server station is some of the things that make the gated system more expensive. The approximate capital cost of the gated parking is 25% of revenue generated in the first year. If you need more income, then you must invest more in the equipment. On the other hand, the capital cost of the metered system is low because the only meter that is needed. The capital cost of the metered system is estimated to be 12% of the revenue that you will get in the first year.
The other cost you will incur is installation. Compared with the metered parking; the gated system is more costly. In the gated system, some of the things you will be required to deal with is planning for the exit, entry, queue, and the parking lot. You will then pay the installation labor. Installation of the metered parking is very simple and can be executed within a day.
Whether you are considering the gated or the metered system, you should make sure that you maintain it so that it last for a long time. The way you maintain one system is different from the other one. You should note that there are few finance activities of the gated system. However, for the metered parking, there are many different costs that you will incur during the life of the system. They include the meter warranty, hosting services, cost of transaction, technology support, and license, among other expenses. The metered system has many things to be handled, but it is inexpensive compared with the gated one.
Operational cost is one more expenses that you will consider to help you in making a decision. You will not be required to hire an attendant in the meter system since it is self. The only workforce is for the maintenance. The gated system is more expensive because there are many things to deal with. Since the meter system is self-service, to ensure that the people are honest, then you should enforce the parking rule. Enforcement will require you to hire enforcement agent. Also, you will be required to invest in the enforcement technology and vehicle.