There are many things that impact the cost of operating a fleet. Perhaps none more than the cost of fuel, the price of which has been rising in recent weeks. While fleets can’t control the price of a gallon of diesel, they can make some operational changes to mitigate its impact on their business.
According to a new analysis from Fleet Advantage, fleets with older equipment are being more severely impacted by the current price of fuel. The company regularly publishes its Truck Life Cycle Data Index (TLDI), which compares the total operating costs of older Class 8 trucks with those of newer models. This latest report compares model years 2022 to 2026 to 2028 equipment.
The most recent TLDI found that if a fleet upgraded from a model year 2022 vehicle to a 2028 model, it could save $12,845 in the first year. That’s a significant savings, and according to Fleet Advantage, the improved fuel efficiency of later model trucks accounts for a large portion of the savings. Truck makers are continuously making changes to truck designs so that they are more aerodynamic coming off the production line and are offering many fuel-saving features as standard on these newer model trucks.
Even though newer equipment comes with a higher price tag, Fleet Advantage believes fleets will still save $11,900 per truck when they replace 2022 model year trucks.
As a reminder, burning less fuel is a form of decarbonization. Less fuel used means fewer emissions released into the atmosphere so that is another good reason to consider upgrading your equipment.
Even if your budget does not allow for major capital expenditures, you can still improve your fleet’s fuel efficiency. In some cases, this may involve spending money on products such as aerodynamic devices for the tractor and trailer, tire pressure monitoring systems, and idle-reduction technologies. However, some come with little to no cost, including adjusting engine parameters, optimizing routing, and eliminating out-of-route miles.
At NACFE, we think fuel efficiency should always be top of mind, but now more than ever, with diesel prices in the $5 a gallon range, it just makes good business sense to be hyper-focused on fuel efficiency. That could include spending some money to upgrade to newer equipment. While that means you’ll have to spend money now, over the life of the vehicle, the improvement in fuel economy should result in big savings.
