Don Y wrote:

Isn't that what I said:
One would almost think it easier to rip up the existing asphalt, regrade
it and then lay *new* asphalt!

Yes, I was agreeing with you.

Which leaves the original questions:
What sort of monies ($US) are involved in "repaving" a parking lot?
And, is this expressed as some_fixed_cost + cost_per_unit_area?
Does the asphalt contractor also take on the demo and regrading?

I would expect any reputable paving contractor (not sealcoat company) would
handle the whole job.

Cost such a local thing, you are going to have to talk to a couple of local
contractors to get quotes. Does have the equipment and crew or does he have to
sub out some of the work? How hungry is he?

How he comes up with his number is kind of immaterial. You don't know if he has
a large nut to cover or brings on crew and equipment as needed. He's also not
going to give you a quote without looking at the site. There's all sorts of
things that need to go into the quote - access, drains, curbs, light poles, off
site parking for crew and equipment, easments, permits...