The cable itself is difficult to see since it is thin and you aren't able to really see it until you are already pulling into the parking space from the road.
The stake that attaches the cable to the cement ground is situated in a way that it sticks out about 7-8 inches away from where it is attached to the cable (towards the direction where a vehicle would be pulling into the parking space). The stake is at a slant and not straight up in the air.
Even once you see the cable, I which I did when I was halfway into the parking space, you can't tell there is a 7-8 inch stake protruding from it so when you think you have stopped short of the cable, you have in fact hit your vehicle on a stake that is just high enough to damage the bumper/front of your vehicle, yet not high enough to see as you are in the process of pulling into the space (made worse by the fact the color of the stake is virtually the same color as the concrete pavement).
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Also to add, there are other light poles with similar set-ups in this area that have support cables attached to parking spaces in the similar manner that I described in my original post, yet all of them that I have seen have a plastic yellow reflective coating towards the bottom of the cable that is staked to the ground to make them readily visible.
The cable/stake in the parking space where my vehicle was damaged had no coating.

