First paper studying the effect of queue waiting time perception in the selection of an urban aerial ropeway transit (ART) mode with advanced econometric modeling. The Metrocable of Medellin-Colombia, world's first implementation of an ART system, serves as case study for this investigation. A stated choice experiment is conducted to collect data on the selection between Metrocable and Bus (its main competitor) on the influence area of Metrocable's line K. A multinomial logit model with random parameters is estimated to understand the effect of waiting time perception on mode choice, which is found to significantly affect modal preferences. Other variables related to transit fares, travel time, station geolocation, main activity performed in the queue, as well as rider employment are found to considerably impact mode-choice decisions. Results are useful to support actionable policies to increase ART demand while maintaining appropriate levels of service. This research also provides valuable knowledge that is transferable to regions with similar conditions currently considering or operating ART systems, mostly in developing countries.