Recently, the penetration of the electric vehicles (EVs) in distribution networks gained a great attention. This paper proposes a new solution methodology incorporated recent metaheuristic approach of competition over resource (COR) for evaluating the optimal allocations and sizes of parking lots installed in radial distribution network. The main target is enhancing the network reliability with achieving minimum cost. COR is easily implemented with achieving feasible convergence for confident solution. A new formula of objective function comprising reliability enhancement cost, power loss improvement cost, and investment cost is proposed. The COR approach is applied on 9-bus, 33-bus, and 69-bus radial distribution networks. Additionally, the algorithms of grey wolf optimizer (GWO), whale optimization algorithm (WOA), and water cycle algorithm (WCA) are programmed and their results are compared with those obtained via the proposed COR. For 9-bus network, the proposed COR achieved saving of 6628.835 $ with percentage of 1.47% than GWO and time benefits of 84.11%. Moreover, it achieved economic benefits of 5315.4578 $ with percentage of 0.57% with time benefits of 7.6% compared toWCA for 33-bus network. Furthermore, COR provided 0.037% saving in total benefits compared to GWO for 69-bus system. The obtained results confirmed the superiority of COR in evaluating the optimal allocations and sizes of the parking lots in radial distribution networks.