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. Another thing that they will consider is the revenue generated. 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. 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. It is estimated that the investment cost of the gated system is 25% of the annual income for 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. Aproximately 12% of the annual income is the cost you will incur with the metered system.
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.
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. For the gated system, it very simple. 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. The metered system has many things to be handled, but it is inexpensive compared with the gated one.
One more expense you will incur is the operating expenses. Metered system is self-service and therefore, you will not be required to hire an operator. You will only be needed someone when there is maintenance to be done. 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. You shall be required to hire a person to do the enforcement. Beside, you will incur costs on the enforcement technology and car.