Paving a parking lot with concrete will be an overall pricier project using asphalt. Professionally installed concrete can cost the consumer anywhere between $3 and $12 per square foot. A professionally paved surface can cost between $1 and $6 per square foot.
Because they are oil-based, asphalt surfaces are quite elastic and less likely to crack compared to concrete. Concrete may be more prone to cracking but it is much less likely to warp or sink compared to asphalt.
Concrete is more susceptible to cracking in colder climates. Despite its elasticity, asphalt becomes more prone to cracking as it ages, which is why it needs to be regularly sealed.
Installation heavily drives up the underlying costs of paving a parking lot. Because of the heavy equipment needed and the complexities involved in their installation, it is recommended that both types of surfaces get installed only by licensed professionals. Concrete pavement requires joint expansions to control cracking.
To maintain its effectiveness and to prevent cracking, asphalt surfaces will need to be re-sealed every few years or so. Concrete surfaces also require regular sealing to keep them from prematurely deteriorating. Maintenance is another "cost" that should be considered at the onset of a parking lot construction project.
Concrete surfaces are rated to last anywhere between 30 to 50 years if properly maintained. An asphalt surface can last anywhere between 10 and 30 years if it is properly maintained.