Understanding the Difference Between the Cost of The Gated and Metered Parking Systems
When investors determine whether they will settle for the gated or metered parking system, one of the main things that are on the top of their mind is how much the project will 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. 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. 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 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. It is estimated that you will incur about 12% of the yearly income in the case you consider the meter parking system.
Once you buy the equipment, the other thing is the installation of the system. Gated system is expensive to install than the meter. 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.
Once the system is installed, maintenance is required to make sure that it last for as long as ten years. There is a considerable difference in the way the gated and meter parking systems are maintained. The things to be considered in the gated parking are few. There are numerous things to be handled in the meter parking system. This includes the transaction cost, technology support, software license, hosting services, meter warranty, and many others. 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. You will not be required to hire an attendant in the meter system since it is self. 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. Enforcement will require you to hire enforcement agent. One more thing you are supposed to invest in the enforcement technology and vehicle.