Deciding the right time to retire your companion on the road can be a difficult decision. Wear and tear or new technology are just a few reasons many truckers opt to trade in their rig. It’s important to take in a variety of factors when planning out a trade cycle for your vehicles. Retiring a truck can be a daunting and emotional process, so it’s important to know when, and how to park your big rig for good.
A trade cycle is basically the length of time and process of trading in a vehicle for a different one. According to GE Capital Fleet Services (GECFS), “accelerated and optimal replacement analyses” provided a “major cost savings opportunities” for fleets in 2012. And while those savings last year were “paced by a robust resale market,” the company pointed out that taking an analytical approach to trade cycles is always beneficial. Remember that retiring a truck is a process that should be carefully thought out, and there are a variety of factors that come into play when deciding to retire your rig:
- Cost of a new truck
- Cost maintenance
- Fuel Costs
- Resale Value
- Technology Improvements
- Interest Rates
- Time until you retire
Be sure to take into account all of these factors. New technology improvements on newer vehicles could save you money in the long run, and reselling your current rig could help you pay for that newer upgrade. Lower interest rates and fuel costs could also allow you to get a better vehicle.
We’ve all been there. “Old Reliable” takes a few turns of the key to start, only blows hot air out of the vents, and the passenger side door only opens from the inside. Sure it’s getting up there in age, but it has character, right? You’ve spent years on the road with your eighteen wheeled companion. Unfortunately, the amount spent on repairs and maintenance could put you in a serious financial burden. If you start to notice that your rig needs repairs between your routine maintenance and repair stops, it might be time to begin your trade cycle. A broken truck means an unhappy driver, and an unhappy driver is no good.
Retiring a Truck
We know it can be difficult to part with your rig. You most likely spend a good portion of your day traveling the highway with your rig, so exchanging it is a big change. However, it’s important to maintain a reliable vehicle, and sometimes it’s just time to trade in your vehicle. You’ve had a great run with your vehicle, but now it’s time to begin a new journey with a new rig. Change can be great, and a new truck can breathe fresh air into your trucking career.