Understanding the Difference Between the Cost of The Gated and Metered Parking Systems
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. When you compare the metered and gated parking system, the following are the cost facts that you should understand.
The initial cost of investing in the gated parking is more than the metered parking. 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. It is estimated that the investment cost of the gated system is 25% of the annual income for the first year. The more income you need, the more you will invest the system. 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. Also, you will incur cost on the installation. 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. You should note that there are few finance activities of the gated system. There are numerous things to be handled in the meter parking 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. You will not be required to hire an attendant in the meter system since it is self. The only workforce is for the maintenance. For the gated parking, it is more complicated to manage and therefore expensive. To ensure that people are honest, you should make sure that there is enforcement system installed in the metered parking. The enforcement is costly. You will be required to pay the agents who will be enforcing. One more thing you are supposed to invest in the enforcement technology and vehicle.