The cost of the Veeder-Root counter is high, no doubt about it. The issue lies with the allowable speed of rotation. The model I use allows for 5,000 counts per minute, which translates to about 15mph.
There are a few other manufacturers who sell counters at a significantly lower price, in the $5 range, but the allowable rotation is only 500 counts per minute.... Or, walking speed, like you'd use on a measuring wheel.
I've been searching periodically for years now, and the Veeder-Root 7458 counter is the ONLY option I've found that allows for 5000 counts per minute rotation speed. The materials used to make the internal components are different (Delrin vs PVC) and has small steel bearings inside that support the shaft. They are similar to washers, or "thrust bearings" if you like.
Veeder-Root puchased the only competitor a few years ago. They only supplied a 5-digit model, and at the time, were only about 15% cheaper. Since they consolidated, the price has gone up significantly.