Getting the best rates when booking airport parking for business travel
Companies that book business flights for their employees regularly will be familiar with arranging airport parking. However, the expense of continually paying to park at a travel hub can quickly mount up, which is why it is worth looking at these suggestions on how to cut the cost on airport parking.
The early bird catches the worm
The trick to saving money is simply to book as early as possible. Once your flight has been arranged, make sure the parking is reserved as well.
By booking early, you could reduce the fee by up to a third, depending on the airport.
Even if you fail to arrange it several weeks or months in advance, it is still worth booking online prior to arriving at the airport. This is because you may still qualify for a cheaper rate. Some carparks stipulate the booking has to be made 24-48 hours in advance, but others allow you to benefit from a discounted fee without any time restraints.
The best chance of finding a deal for short-stay carparks is often two to three weeks before you take off, so it is wise to book at this time if you have not already done so.
Use price comparison sites
Like everything these days, price comparison sites can help you find the cheapest rates on airport parking and may even reduce fees by up to 60%. By searching carparks close to the airport, they can show more options than just the spaces at the official airport carparks.
You can even find specific carparks for business users that provide regular transfers and often cheaper rates, as they recognise that corporate travellers are frequent flyers and may use the service on a regular basis.
Whenever choosing an airport carpark, it is wise to look for one that is part of the Park Mark award scheme, so you know your vehicle is safe and secure while you are travelling.
Look for hotel packages
If you need accommodation for your staff as well, look for a hotel package that also includes airport parking for a cost-effective deal.
Buy a car parking space
This has obvious benefits – you will always have your own space so never have to pay high fees for parking close to an airport. Additionally, these are seen as investments, with typical yields of 8% per annum for the first two years, rising to 10% after this.
Therefore, businesses could benefit from this growing industry in the UK, which generates an impressive £12.5 billion every year, as a result of parking demand constantly rising.
However, before you purchase a space, there are many things to consider, including:
- You need an initial investment of around £25,000 to buy the plot.
- It is wise to make investments regulated by the Financial Conduct Authority (FCA); however, this form of niche asset is not often affiliated with the FCA.
- There may be high service charges to pay annually, so it is worth checking maintenance costs.
- It could be hard to sell the investment if you need to, as they are often sold by investment firms rather than independent owners. If finding a buyer is difficult, it could be an asset you cannot afford to keep.
- Investment firms often provide high yields for the first two years; however, this is only good if the company stays afloat. Check their financial position, or you could risk losing your money.
- Like all investments, it will be subject to the market, so if car parking rates fall, so too will the value of your asset.