4 Signs It’s Time to Replace a Fleet Vehicle

If you’re looking to keep your fleet profitable and cost-effective, there are a lot of steps you can take in order to achieve this. For example, fleet managers in the sunshine state may implement a Florida fleet card. These cards get their drivers the best fuel deals, but they provide the managers with purchase transparency.

Besides saving at the pump, how can you save money when it comes to the vehicles themselves? Do you know when it’s time to replace your fleet vehicles? There comes a point where maintaining a worn-out vehicle makes less economic sense than simply buying or leasing a new one. Here are some tips on replacing vehicles in order to maximize your profit and ROI.

1. It’s reached its lifecycle point

When you buy your new vehicles, conduct in-depth research on their utilization in the market and how often they are replaced. Identifying the shelf life of a vehicle is the clearest way of knowing when it needs replacing.

Factors to consider include the miles on the clock, the vehicle’s age, its usage, and the time of year. Although vehicle lifespans will vary, establishing rough lifecycle points allows you to replace vehicles before their old age begins to wear your bottom line down.

2. Market conditions are in your favor

Spring and fall seasons tend to be a good time to get good deals, making them ideal times to purchase new fleet vehicles in order to maximize your savings. During these periods, you may find that your vehicle’s residual values are at their highest due to increased market demand, meaning it’s the perfect time to sell your old vehicle, too.

3. It’s costing more to maintain than it’s worth

Tracking your maintenance costs is critical to understanding if it’s time to move on. Although all vehicles inevitably require repairs from time to time, an aging vehicle past its prime may start to cost you more than it’s worth. Consider setting maximums on your maintenance costs for vehicles, replacing them when they soar beyond a certain threshold.

4. It’s not very fuel efficient

There’s no way around it: some vehicles eat up gas faster than others. If you find that your entire fleet is running efficiently, apart from one or two inefficient fuel-wasting trucks, you need to make a distinction: whether it’s the driver’s or the vehicle’s fault. If it’s the vehicle, consider replacing it with a more fuel-efficient engine, saving money on fuel expenses over time. If it’s the driver, consider implementing a fleet card to keep their behavior in line.

Whether your fleet is old or brand new, using a fleet card is the best way to track your fleet’s expenses. A fleet card gives managers an overarching view of spending behavior. Ready to get started? Contact Fuelz today to unlock your potential savings!