Strategically selling your fleet vehicles at the right time can diminish the overall costs that your company experiences. However, it can feel impossible to determine when each vehicle should be replaced.
There is no perfect science that will let a business owner know when they should replace their fleet vehicles. At the same time, you can use a general timeline that will show you when vehicles start racking up additional maintenance fees.
Vehicle Age & Maintenance History
As a vehicle ages, there is going to be a point when it costs more to maintain them. The goal of every business owner should be to pinpoint when the costs to maintain their vehicles start to go up.
The business you are in, as well as the average wear and tear your vehicles experience, is going to determine when you need to replace your vehicles. If you wait too long, your fleet vehicles are going to start costing you more money to maintain.
Additionally, you are going to get far less money if you run your vehicles into the ground before you decide to sell them. While it may take some time to figure out when it is ideal to sell your vehicles, obtaining this information may wind up saving you a ton of money in the long run.
It is a great idea to document the costs that are associated with each specific vehicle, taking note of the dates and monetary costs when maintenance is required. If you are able to document your vehicle’s maintenance history in this manner, you will more than likely start to notice a trend. This should help you to figure out when it is ideal to sell your vehicles.
Vehicle Mileage
Sell your truck before the mileage gets too high, as high mileage is a big deterrent to anyone that is looking to purchase a vehicle. If you decide to sell your truck when the vehicles are aged and worn out, you are probably not going to get much money for your vehicle.
If you pay top dollar for your car, it makes sense that you would want to get as much use out of the vehicle as possible. At the same time, selling your vehicle while it is still in great condition will maximize your profits and minimize the costs you have to expend on repairs and maintenance. Selling early will ensure that the buyer will pay top dollar for your car, which is what you ultimately want as a business owner.
Study the Market
Every business is going to have slightly different parameters that determine when it makes the most sense to sell a vehicle. It is wise to study the market in your area and know how much you can get for your vehicles at any one point in time. Having this information handy will help you to make a decision when it is ideal to sell your vehicle.
Only a sucker holds on to a declining vehicle. It doesn’t make sense to keep vehicles that are starting to rack up a ton of maintenance fees, so make sure you stay on top of things and sell your vehicles before they become a hindrance to your business.
