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. Beside, they will want to know the revenue that will be generated by the parking investment. During the evaluation of the cost, some of the things that you will consider is the maintenance, installation, and operation cost. Ahead is the difference between the metered and gated parking system in terms of cost.
The gated parking system is more expensive compared with the metered system. For the gated system, you will be needed to install in many things such as the gate, entry machine, pay station, server station, and exit system. The approximate capital cost of the gated parking is 25% of revenue generated in the first year. The more the equipment, the more the income you will come. 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.
Installation is the additional cost that you will incur. 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. After planning, you will pay the installation labor. Within a day you can complete the meter system because there few tasks that are involved.
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. There is a considerable difference in the way the gated and meter parking systems are maintained. For the gated system, it very simple. However, for the metered parking, there are many different costs that you will incur during the life of the system. Technological support, a license of the software, meter warranty, cost of the transaction are some of the costs that you will incur in the meter parking system. Although the meter system has many things to be dealt with, its Maintenace cost is half of the cost of maintaining the gated system.
One more expense you will incur is the operating expenses. Since the in the metered parking the client serves, the investor will not be required to hire an investor. The only workforce is for the maintenance. The gated system is more expensive because there are many things to deal with. To ensure that people are honest, you should make sure that there is enforcement system installed in the metered parking. Enforcement will require you to hire enforcement agent. One more thing you are supposed to invest in the enforcement technology and vehicle.