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. For the cost, some of the things that will be considered are the expenses of installation, maintenances, and operation. 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 estimated initial cost of the gated parking is about 25% of the revenue generated in the first year of operation. The more the equipment, the more the income you will come. On the other system, you will be required only to purchase a meter. Aproximately 12% of the annual income is the cost you will incur with the metered system.
Installation is the additional cost that you will incur. Gated system is expensive to install than the meter. For the gated, there are many things that you will be doing; for instance, planning for the infostructure on where the car will be parked, queue, enter, and exit. You will then pay the installation labor. Installation of the metered parking is very simple and can be executed within a day.
Regardless of the system that you consider, you should make sure that it is maintained. 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. There are numerous things to be handled in the meter parking system. They include the meter warranty, hosting services, cost of transaction, technology support, and license, among other expenses. Although the gated system has few things to be maintained, the overall maintenance cost is twice that of the metered 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. However, the gated system is more costly to operate because it is more complicated. To ensure that people are honest, you should make sure that there is enforcement system installed in the metered parking. You shall be required to hire a person to do the enforcement. Beside, you will incur costs on the enforcement technology and car.